I think there is a “Verticalization” opportunity on top of the proverbial cloud. At my company, we provide a niche product to securely & virtually facilitate major corporate sales (IPO, buyouts, etc.). We provide the technology and outsource the data hosting to our provider (SAS 70 II compliant of course).
There is definite opportunity for expansion into other services (for the financial vertical and many others) and a compelling cost advantage will certainly pique interest.
From: cloud-computing@googlegroups.com [mailto:cloud-computing@googlegroups.com] On Behalf Of Jens Iversen
Sent: Monday, June 16, 2008 1:54 PM
To: cloud-computing@googlegroups.com
Subject: RE: Banking on the Cloud
…it probably isn’t quite as easy as that.
Banks, well at least the ones that mostly abide by the rules and standards, have certain prerogatives as a result thereof. And one of them is “auditing” (SOX,
If cloud computing, mass-virtualization of servers, computing power and storage, are a great concept (and indeed fact), this concept still lacks way behind in practical application for large scale adoption by financial institutions because of the current lack of support of (and hence control) of “multi-tenancy-monitoring-reporting-and-management”…in fact, those terms are antithesis to what one can leverage w virtualization and achieve with cloud-computing.
And that is the service-provider-view.
The Telco/carrier service-providers have been in this business for years. They stand testimony to the fact that it takes significant investments to offer a control-pane that can and will “monitor/report/manage” multi-technologies in the moving world of demand & supply and security and quality. The data-network technologists entered the SP-space and had to learn this lesson the hard way.
Today, only few of the fundamental technologies of virtualization provide tools to that effect, and even when they do, they tend to be limited to that technology only –ignoring all the other ingredient components of the overall cloud –and how good is that when you want “service”, right?
Let’s not forget that CIOs and TIO’s of banks (and others, of course) are answering to management who request data that support the board’s very low appetite for risk… In short, they need to be able to demonstrate, quite really, that standards are being met, reliably and consistently. And that they (the IT-org) are verrrry likely to do so in the future. “Nothing fancy. Conservative, yes please. Thank you. Just like that. No thanks, nothing on the side. Plain vanilla.” …and banks are NOT going to run the risk of facing such eventualities of “sharing” customer information, or retrieving another bank’s information. IT is just plainly inconceivable. And since they are being asked to demonstrate how they are performing in their ability to “avoid such unhappy encounters” –and because nobody offers tools to demonstrate that—they simply stay away from the burning edges of that stove.
That doesn’t mean that such CIO/TIO levels don’t have the necessary “get-it” factor of cloud-computing. No, it means that specific requirements aren’t being met with a single technology, and anyways, not without significant integration* effort of tools that can monitor/report & manage this.
CIO’s indeed are –or if they get a 2nd chance, become—a most responsible breed.
(*notice that such integration, would invariably also mean “fixing” and “setting” and hence creating structures, which are anaemic to the dynamic of virtualisation.)
De : cloud-computing@googlegroups.com [mailto:cloud-computing@googlegroups.com] De la part de Reuven Cohen
Envoyé : lundi 16 juin 2008 21:35
À : cloud-computing@googlegroups.com
Objet : Re: Banking on the Cloud
So what you're saying is a "Bank Cloud" might be a matter of product positioning and less about the risk in outsourcing their infrastructure. This would also explain their concerns about Amazon.
reuven
On Mon, Jun 16, 2008 at 2:59 PM, thomas.purves@gmail.com <thomas.purves@gmail.com> wrote:
It's important to remember that banks outsource a lot of data,
customer information and processing already. Pretty much cloud
computing and they've been doing it for ages. The catch is most of
these vendors focus specifically on the financial industry and the
computing is integrated tightly with other business services and
processes (so it's not pure cloud computing by any means).
For example TSYS maintains credit card accounts and processes
billions (probably near trillions) in card transactions a year for
bank clients.
The specs and the systems exist it's just up to the cloud computing
providers to meet the requirements and put up with the audits etc.
--
--
Reuven Cohen
Founder & Chief Technologist, Enomaly Inc.
www.enomaly.com :: 416 848 6036 x 1
skype: ruv.net // aol: ruv6
blog > www.elasticvapor.com
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Get Linked in> http://linkedin.com/pub/0/b72/7b4
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