Evolving Trends in Cloud Computing Deployment by financial institutions

What are the latest trends in cloud deployment by financial institutions? For now, the real growth in financial institutions lies in the private cloud strategy. CIOs are leveraging existing investments in hardware and software by turning them into an on-demand shared service. The private cloud allows existing enterprise security standards to remain in place, alleviating concern over the real and critical threats of exposing the business, its operations, and data to a broad range of public cloud vendors. As institutions gain experience with their own version of the cloud, trusted business partners offering specific external on-demand services are brought into the mix. Through thoughtful experimentation with private cloud adoption, IT leaders are delivering higher productivity out of their IT investment in the short run. They are also testing the concept of cloud computing with key partners for broader expansion in the future. Although most of the emphasis in cloud computing has been on IaaS, PaaS, or SaaS, many CIOs have developed in-house middleware services for on demand consumption across the enterprise, such as messaging, file transfer services, etc. All of these are among the growing number of private cloud services coming from within the traditional IT department.

Financial institutions are finding public cloud services helpful in meeting niche needs. Analytics are being deployed through public cloud providers that have traditionally only offered installed software. In the capital markets space, vendors of reference data and market data services have moved quickly to offer on demand services—including analytics—to make more informed investment decisions. Another growing offering is Business Process Outsourcing (BPO) as a service, which takes the cloud beyond technology. BPO-as-a-service allows financial institutions access to additional resources on demand and pay as they use services to fill overflow needs such as finance and accounting processes, reconciliations, and back office services. These and other non-core, non-privacy and security sensitive services are moving quickly to public cloud providers.

Cloud computing is already evident within social networking. Most institutions have established a presence on social networks with a proprietary site within LinkedIn, Twitter, Facebook, etc. Through these sites, institutions are able to both provide and receive specific, socially based information that can engage customers in online dialog or discussion and communicate at a depth not possible before.

Read more about how financial institutions are deploying cloud-based solutions in our article, 'Emerging, Evolving or Mutating: Cloud Computing is here to Stay.' Do you think financial institutions will increasingly adopt cloud-based solutions? What issues will have to be ironed out first? Do write in with your thoughts – we'd love to hear from you!

About the Author

Soumitro Ghosh is the Chief Executive for Wipro Infotech.

Soumitro took over as the head of Wipro Infotech (WI) in 2013. WI offers a comprehensive suite of solutions and services to customers in India & Middle East and is a strategic division of Wipro?s IT Business.

In his previous role Soumitro Ghosh was the Senior Vice President and Global Head of the Financial Services business unit at Wipro. He had been leading this unit since 2008 and had grown it into a 1.6B$ business. He was one of the founding members of this unit in 2000.

Over the last decade he has successfully built three verticals as a part of this business unit covering the global markets of Insurance, Retail Banking and Securities & Capital Markets. Under his leadership the unit has won over 75 customers globally and transformed five of them into 100M$ plus relationships. These marquee accounts also count among Wipro's top 10 clients. The rich portfolio of customers includes the Top 10 in their respective industry segments. He has also invested in building a strong team of over 1000 industry consultants who provide industry advisory & domain consulting services and build business centric solutions. He strongly believes that innovation that is relevant to business will always have demand be it downturn or times of growth.

In over 25 years of his stint with Wipro he has played several key roles including Global Head of Marketing, Global Head of the Ecommerce Division and Head of the Sun Microsystems Products business in the Indian domestic market. Prior to Wipro he worked for three years each in Hewlett Packard and Guest Keen Williams.

He has also been instrumental in three acquisitions in Wipro and successfully integrated and grown them. He believes in building strong teams that stay together and share the same sense of passion and vision. He is one of the key leaders who have mentored many leaders at Wipro with his people centric leadership style.

He is passionate about sports specially cricket and likes reading in his spare time. He has been a thought leader in the industry and is a much sought after speaker in industry forums.

He is Bachelor of Engineering (Mechanical) and an MBA from Birla Institute of Technology (BITS), Pilani and graduated in 1982.

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