This blog previously discussed how more financial institutions are looking toward cloud computing options. Not only can banks lower their costs but they can become more flexible to meet evolving consumer needs.
However, as banks of all sizes begin to consider the cloud, it is imperative that they keep their risk assessment software up to date. Otherwise, they could find themselves attempting to recover from a data breach or another serious situation. With more research underscoring how banks are taking note of digital storage, all risk management strategies must be comprehensive and understood by all employees.
According to a recent PricewaterhouseCoopers survey, 71 percent of banks plan to invest more into cloud computing, which is four times the amount from one year ago. Out of 115 large banks surveyed, over half were based in the United States.
Julien Courbe, PwC's financial services technology leader, explained to American Banker that the switch is due in large part to public cloud offerings becoming more secure. Stakeholders are finding themselves more comfortable with the idea, he said.
"A lot of clients are starting to consider and invest in the offerings of many large technology companies to move apps and data to the public cloud," he said. "It's a significant shift. Most investments banks have made to date have been in the private cloud."
Courbe explained that the private cloud gave banks a greater degree of control and management. But now, those same institutions are investing in public cloud offerings.
Remaining profitable is essential for banks of all sizes. With more customers wanting mobile options, and the ability to use the cloud, it makes sense that organizations are working to meet those needs. However, risk management software must also be implemented to keep all data secure.