There is a lot of buzz around cloud computing, but its use in financial services is still negligible. This piece examines how State Street is using internal cloud technology to create cost efficiencies.
Creating cost-savings to put into other areas of development is why boards have come around to cloud. Yet, as Kevin McPartland, a senior analyst at consultancy Tabb Group, notes, it is not the technology that institutions fear—it is how that technology fits into the business scheme.
“Cloud technology has been around for a long time, but for financial services, people still want to really vet not the technology, but the approach and process to see if it really works and for what types of applications and what types of business functions,” McPartland says.