Jubilation has at last sounded from the cloud camp amidst the good tidings, that financial services have made a move in adopting the cloud. It now becomes the storage bank into which they can deposit their own data and benefit from data that other entities have put into the cloud. The move has been long in coming, but users can now get themselves unmatched services offered by the cloud.

Some Dubious Sectors Reluctant to Join the Cloud

Some financial service sectors are still dubious about joining the cloud revolution in data storage, management, control and dissemination. The main hurdle against swift entry into the cloud is the absence of clearly defined Security strategies that include, among others, encrypting of data, more transparency and controlled audits.

Robust data protection is considered by these non-joiners as critically important for them even before they consider joining up with the cloud. They view security issues such as general visibility with sensitive and customized controls as mandatory and are not prepared to accept anything less.

Nevertheless firms that voice this type of thinking are in the minority, making up only 18% of the financial services sector, but interestingly are at some stage of using on-premise and private cloud solutions. Their straight ‘nay’ is voiced against the use of the public cloud storage infrastructures.

But in General Terms, the ‘ayes’ Have It

In general, responses of potential customers in favor of cloud adoption has been overwhelming with an impressive 70% making the choice of adopting the cloud, although tending more towards public cloud usage than staying with hybrid cloud.

Nevertheless, even though the financial services sector has capitulated to the cloud for obvious reasons, the whole financial sector itself has not made a similar move for reasons of their own. The snag appears to be security related despite the very stringent security and level of financial services that the cloud offers potential customers.

It makes little difference which cloud sector financial services users prefer, whether public, private or hybrid as the different sectors provide the best security solution available. By using them, these customers will be able to speed up their cloud-based programs and start experiencing a unique data delivery service so far unmatched by other data storage providers.

The capacity of cloud infrastructure is unprecedented in scalability and flexibility. The type of deliverables that cloud can perform are just too diverse, and of such quality that they are not found elsewhere. There are special solutions provided for large enterprises as well as medium and small firms.

So while in essence it may appear that the adoption of the cloud by the financial services sector is a foregone conclusion, it may well be prudent to point out that more improvements have to made to the cloud’s other data storage capabilities, like on-premise and hybrid systems, so that customers may have easily accessible and affordable data storage available at their fingertips.

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