Some of the continent’s largest banks are working together as founding members of the European Cloud User Coalition (ECUC) to accelerate the adoption of off-site services in the financial services industry.
Twelve financial institutions across Europe, including Allied Irish Banks, ING Group, Deutsche Börse, Euroclear and UniCredit, are already registered with ECUC, to name a few.
The group aims to establish a set of security standards and best practices specifically related to the use of public cloud technology by the European financial services community.
Given its reputation as one of the most regulated industries in the world, the financial services market is cautious We have adopted cloud technology in the last decade, but progress has accelerated significantly in recent years...
This confirms that regulators in various European countries are giving financial services companies a green light to drive their use of cloud technology. In this regard, the announcement of the Financial Conduct Authority’s cloud guidance in 2016 is widely acknowledged as having an accelerating impact on the pace of digital transformation by UK financial institutions.
As ECUC admits, the use of private cloud technology is widespread in the financial services industry, but companies likewise use public cloud because of the flexibility, scalability, and resoring benefits they can offer. I am enthusiastic about increasing.
Therefore, the work initially focused on getting other European financial institutions to join the ranks, and the Union published a treatise examining the challenges these companies face when trying to take advantage of public cloud services. It will be released soon.
The coalition further argues that this work will benefit the industry in the long run by allowing members to become “more independent” in choosing which technology providers to work with, which in turn promotes competition. I will.
Kerem Tomak, Chief Analytics Officer and Initiative Leader at ING, a founding member of ECUC, believes that joining the coalition will pave the way for a hybrid cloud setup that can transform the way organizations operate.
“This coalition allows ING to adopt a hybrid cloud setup for analytics and artificial intelligence, making it comparable to FinTech and Big Tech in the world,” said Tomac. “This allows us to improve our digital capabilities and provide our customers with a better, faster, and more personalized experience.”
“The key components for making cloud technology work in banks are security, data privacy (GDPR), and EU guidelines by regulators such as the European Banking Authority and the European Banking Authority. Data sovereignty and cybersecurity requirements , An important aspect that needs to be addressed. “
Financial services giants form EU-focused coalition to boost sector public cloud adoption pace
Source link Financial services giants form EU-focused coalition to boost sector public cloud adoption pace