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Banks and the cloud – tiny sample August 16, 2010

Posted by Sacha in CloudBees, English, IT.
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As I am preparing for the launch of my new venture, I visited 3 banks in NYC last week. I admit that I entered into those meeting ready to hear that they were not ready for that shift, that clouds(*) weren’t secure/SLAified/robust enough for them, that it had to further mature, etc.

Consequently, I was actually surprised when the first two banks told me they were already working in the cloud(*) and ready to accelerate that move. The last one told me what I initially expected to hear (that SOX and other regulations would prevent them to do so), but that then sounded awkward based on the initial two reactions I had gotten. Maybe I didn’t ask the question to the right person.

This is certainly not a meaningful sample of any sort to do statistics, but I think it is a very encouraging signal at the very least.

Other interesting data is that those two banks were interested in a standardized cloud API (that we do not have today) so that they could “address” their IT assets in the same way as clouds, in a transparent and unified fashion. Makes sense.

Onward,

Sacha

P.S.: By default when I write “cloud”, I mean “public cloud”. <sarcasm>In the same way, when I say “it is cloudy today” I mean that “the sky is cloudy”, not that I have clouds in my bathroom or my car.</sarcasm>

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Comments»

1. Si Chen - August 17, 2010

This is really interesting. I would’ve thought that the “business users” have already started using the cloud, but the IT departments would be, like you say, “not ready for that shift.” Since financial services is one of the largest IT spenders, you may have uncovered a very important trend here.

2. Sacha - August 17, 2010

Yes, I was very much surprised at how advanced those banks were in their cloud usage.

3. Tony - August 17, 2010

I understand some banks would be already running apps and services in the cloud, in the US. Most of the datacenters running those clouds would be in the same country. What about banks in Europe. Would they be as advanced using clouds that are in other countries?

Sacha - August 17, 2010

Hello Tony!

No idea about Europe, I do need to check that was really a NYC check. That would potentially be a problem for swiss-located banks since no major IaaS has a datacenter in Switzerland.

Cheers,

sacha

4. amanfromMars - August 31, 2010

Sacha, Hi,

The trillion dollar question though is, were they prepared to invest/offer all necessary requested funding, which would be an indication of their Knowing and Accepting the Critical and Strategic Importance of Master Cloud Control?

Methinks that will be something which will elude the many, if not even most or even all bankers, although I am always prepared to be thoroughly delighted to be proven wrong in that presumption/assumption, which is only based upon the evidence of the present and recent banking and financial sector scamming collapse and their Systems Modus Operandi, which surely worryingly for them, doesn’t appear to have been binned/changed, and thus can they fully expect the vulnerabilities and opportunities exposed and exploited to be mercilessly used and abused yet again, which is not very bright of them and would cause them major unpleasant difficulties, both personal and professional.

However, I digress, and that is their problem.

Good Luck with CloudBees, and if you are ever in my area, don’t remain a stranger.


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