Banks still cautious of cloud computing

According to the survey, 44 per cent of bank executives see the lack of data security as a significant barrier to the adoption of cloud computing.  Furthermore, only 15 per cent of respondents are currently running cloud applications. The survey showed that 80 per cent of respondents could not name a leader of cloud computing in the banking sector. Respondents commonly described cloud computing as ‘commodity’ computing resources accessible over the Internet at lower cost, with both business and technology executives consistent in their views. Nearly half of the banking executives see cloud computing as means to cut infrastructure costs, while over a third thought it would give more cost flexibility. However, a further one third of executives admitted they simply didn’t know enough about the potential risks.

Commenting on the survey, Koen Van den Brande, group strategy and marketing director at Temenos, said: “We recognise that cloud computing is an important emerging trend and wanted to gauge customer opinion. In their responses, banks appear to remain sceptical today. This is an interesting finding and is broadly in line with other reports on the cloud computing subject. This finding would seem to infer that it is likely that adoption may be slow in banking until some of the critical issues are resolved. Nonetheless, Temenos continues to advance its thinking in this area and will closely monitor customer demand to ensure our software delivery options are well aligned with the market.”

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