Cloud Banking

Sky's The Limit For Cloud Computing

cloud computing

When Joni Mitchell wrote, “I’ve looked at clouds from both sides now ...” she had no idea how popular the cloud would become 50 years later.

In simple terms, cloud computing is storing and accessing data and programs over the internet instead of a computer’s hard drive. It’s just a metaphor for the internet.

In a study published this month, “Cloud Computing — Thematic Research,” GlobalData, the London-based analytics company, reported cloud computing has grown significantly in recent years. The onset of COVID-19 has accelerated its use even more dramatically since March. The platform has enabled the use of shared IT infrastructure and services to create a flexible, scalable, and on-demand internet technology (IT) environment, according to the report.

“The cloud is now the dominant model for delivering and maintaining enterprise IT resources, including hardware, software and platforms and tools for application developers,” the report said. “The widespread move to home-working necessitated by COVID-19 would have brought businesses to a grinding halt had investments in cloud not been made over the last 10 years. That investment now has the potential to transform the way some businesses operate.”

Among the findings in the 45-page report, GlobalData revealed cloud computing provides users with an approach to using IT that is significantly more flexible, resource-efficient, and cost-effective compared to traditional IT. Cloud-based IT resources can be delivered privately, for a single user or organizations or publicly, where IT resources are accessed. Hybrid cloud environments, which combine the use of public and private cloud, are becoming increasingly popular among enterprises that aim to enjoy the benefits of both, researchers found.

In the May edition of its Digital Banks And The Power Of The Cloud Tracker, PYMNTS reports financial institutions (FIs) have been adapting to better serve the needs of more digital consumers for decades, but the coronavirus has given it an urgency with pressure to accelerate these efforts.

The report examines how legacy and challenger FIs are using the cloud to enhance their online offerings. The Tracker also analyzed the challenges traditional FIs are facing to innovate their platforms and why these banks must fundamentally change their innovation strategies to meet these challenges.

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