Technology: Cloud on the horizon?
Banks need more processing power, and cloud computing offers it. But there are a host of practical issues – from loss of control to regulatory scepticism – that could hold up its adoption. Clive Davidson reports
The term ‘cloud computing’ suggests an airy ideal – unlimited processing and storage resources somewhere in the ether, but which is accessible from anywhere. Unusually, in this case, the ideal is not far from reality. Banks and buy-side firms are already tapping into the cloud in a big way for non-critical services such as email and calendars, and some vendors and practitioners predict cloud computing will take off for pricing and risk management systems – where there is an urgent need for the
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