Today, cloud computing is not only critical to the future success of the European financial sector. It also sits at the heart of the continent’s COVID-19 economic recovery plan. However, due to concerns relating to regional independence and operational resilience, the European Commission (EC) is wary of financial institutions central to Europe’s success becoming too dependent on individual cloud providers.
As IT (information technology) continues to evolve at a rapid pace, its role in adding value to businesses all over the world is coming more sharply into focus. And among the most hotly anticipated technologies that certain businesses and enterprises will be looking to in order to generate some of that value will be edge computing.
For banks, cloud computing appears to be the perfect answer to the growth of big data—and the necessity to manage and exploit it. This shared pool of information offers increased efficiency at lower cost, but adoption can be challenging for banks, with regulators expressing concerns especially regarding customer data protection. Fortunately, success is within reach through effective collaboration between banks, regulators and cloud providers.
Cloud computing is expected to be one of the fastest growing technology areas in the coming years with business applications likely becoming the biggest market for cloud-services spending.