July 20176A tad slower and a lot more cautious--that's how the banking industry has approached cloud computing predominantly. The promise of data security on the cloud is one that invites dubious concerns from every CSO and CIO of banking firms. While security by itself is a threat, the trend of fintech institutions taking the bold move toward the cloud, rings a warning bell for banks, that in order to retain their consumers, they need to jump on the cloud bandwagon quickly.Banks have finally found stance on the fact that the scale and agility that cloud brings along with it is too much to ignore. From heightened user experience to Multi Banking System Interface, cloud will be at the nucleus of several game-changing banking trends this year. Associated cost-savings with the on-demand pricing, business continuity, and quality of service have collectively tipped the scale toward wider adoption of cloud, very particularly public cloud.As contradicting as it may seem--with all the fog of uncertainty surrounding cloud security--experts believe that public cloud will see a more welcoming response in 2017 owing to increasing regulators and the architecture's ability to eliminate insider threats by a great degree. Communities like the Cloud Security Alliance have been pushing the envelope to introduce best practices, de-facto standards, and certified supervising authorities to mandate safer transaction of data and money. A rare bright spot as it has been for banks to be cloud-ready, today, 25 of the 38 largest financial institutions have inked the deal with Microsoft, embracing one form of the cloud initiative or the other. Increasingly interesting is the use of analytics on the cloud, which has been reported to have highly productive results. Running credit risk simulations and offering customized and targeted banking products have never been so time-effective. Public clouds have also built a strong case for predictive real-time market analysis, prompting stakeholders to take informed decisions.On that note, we, at Banking CIO Outlook, have come up with this special edition on Cloud Banking.Let us know your thoughts.Copyright © 2017 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.JULY - 2017Mailing AddressValleyMedia, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510.402.1463, F:510-894-8405 JULY - 2017, Volume 03 - 04 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.996.5126CLOUD BANKING SPECIALJessica Stanleyjessica@bankingciooutlook.comVisualizerAnil kumarManaging EditorJames RobertsonLifting the FogJames RobertsonManaging Editor editor@bankingciooutlook.comAlex D'SouzaFrank NoelRussell ThomasEditorialCarolynn WaltersMelissa ReaktenwaltSarah Fernandes*All Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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