One of the first industry events I attended after getting my first job as a banking technology trade magazine editor was a cloud computing expo at the Jacob Javits Convention Center in New York. At the time I remember my friends back home asking things like, “Why are you going to a convention about clouds?” or “You trying to become a weatherman?”
That was only a small handful of years ago.
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The jargon has stuck with us, and when we hear terms like cloud computing we think of everything from file sharing and online music services to web applications and business tools. High speed Internet and always-connected mobile devices have taken these various services and brought them to our personal and professional lives in one form or another. Cloud computing is an umbrella term that covers many technologies but describes none of them more specifically than simply the defining characteristics of being virtually connected and available online.
Despite that broad reach of the term, cloud services have come to affect many of the technologies available to banks and credit unions. But in such a highly regulated world as financial services, it’s understandable an institution might have reservations about bringing the seemingly new technology into the fold. Here’s the kicker, though. Most banks, in one form or another, have already adopted the cloud in one form or another, through things like hosted email, virtualization, new core applications and other processing services. And as technology marches forward, the many services collectively under the umbrella of cloud computing will allow institutions of any size to accomplish more with less.
Coming up this Thursday (Aug. 8), Safe Systems’ CTO Brendan McGowan and I will host a live webcast covering the future of banking IT in the era of the cloud. Tune in for free and learn more about how these services impact the financial institution in terms of hardware, software, disaster recovery and network management.