In today’s challenging economic environment, the financial sector is leveraging technology to streamline operations and accelerate productivity. So it’s no surprise that the adoption of cloud computing makes sense for this industry as financial organizations seek to improve efficiency, security and scalability. In response to market demands, Verizon Terremark recently announced enhancements to the Enterprise Cloud platform directly applicable to the needs of retail banks, capital markets and insurance segments to help the finance industry adopt cloud computing and realize its benefits. Here are some of the ways these enhancements can directly benefit financial institutions.
Expanded Cloud Footprint
Having cloud infrastructure in London is important to the financial sector because this is where several large financial institutions have centralized operations. As these institutions adopt different technologies to drive efficiencies and pass along benefits to their clients, cloud is understandably gaining the attention of CIO’s within these financial organizations.
Federal-Grade Security
Strong security plays a critical role in the use of technology for the financial sector. The sensitive nature of the data involved in the industry demands a high level of protection. Now, with the Company’s cloud enhancements, financial institutions around the world have access to federal-grade security controls that were previously available exclusively to federal government customers through its Enterprise Cloud Federal Edition.
More Flexibility
Extending the Enterprise Cloud service to include instance-based compute and storage in addition to dedicated compute resource bundles means a more distributed internal model. This is important for financial organizations that wish to offer the Cloud as part of the “service bureau” of Shared IT Services inside their organizations. Flexibility and agility instance–based pricing provides these organizations with a better value proposition to offer their “internal customers.”
Portability
By integrating CloudSwitch software into the Enterprise Cloud, hybrid clouds become easier to manage. This helps financial institutions to enhance the automation and efficiencies of Infrastructure-as-a-Service (IaaS) and the customer experience. This will accelerate the migration to cloud with certain use cases, as new and legacy applications can be deployed into the cloud with point and click simplicity requiring no re-architecture of the application, no re-IP effort, and all in a secure and encrypted process. Large financial institutions manage a wide range of applications to support their business. Some are legacy applications and others are unique as a result of consolidation through M&A activity, and yet others are complex with very specific dependencies. Verizon Terremark’s Enterprise Cloud technology integrates CloudSwitch software to safely and securely migrate complex applications to the Cloud, allowing for a more rapid adoption of the secure benefits of cloud computing in the financial sector.
Many challenges and cloud adoption barriers faced by the financial sector have been addressed in the enhancements being made to the Enterprise Cloud. When selecting a cloud provider for your financial institution, be sure to address the critical considerations shared above and choose the right cloud provider that fits your business needs and understands the environment in which you operate.
