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FINANCIAL INDUSTRY CHALLENGES AND RELEVANT CLOUD BENEFITS

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9 SectorsFinancial Services Industry

Depositary Financial Intermediation (services offered by banks, building societies and credit unions)

NonDepositary Financing (companies offering loans and credit without deposits, e.g. credit card companies)

Central Banking (Reserve Bank)

Financial Asset Investing (companies trading stocks, bonds and bank deposits)

Auxiliary Finance and Investment Services (financial consultants, stock &mortgage brokers, financial advisors)

Superannuation Funds

Life Insurance

Health and General Insurance

Auxiliary Insurance Services (insurance broking)

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“As Is”

Challenges:

• Persistent pressure on budgets leads to cost containment and reduction

• Regulatory Pressures • Fierce competition• Data is increasingly being

regarded as a extremely valuable type of asset.

• Diverse technology environment for data management that is costly to maintain and complex.

Need of an Hour:

• Innovative & Incremental strategies and solutions

• Core business and cost containment without sacrificing the capability to adapt and respond as the Information Technology market evolves.

• Greater transparency, information and analytics; improvements to portfolio management and risk reduction; and new asset classes, products and services.

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What is Needed?• The ability to store, process, use and re-use information of all

types and from all sources quickly and to make it accessible anywhere from multiple devices

• Automated low-maintenance platforms that allow for easy replication

• The ability to dramatically drive down processing costs• New approaches to developing tightly integrated systems

based on best-of-class components• Increased performance and risk analytics• Proactive “what if” capabilities• Data-rich environment of the dashboard• Dashboards and cloud computing are key ingredients to

transforming tomorrow’s vision into reality. And both technologies exist today.

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What Cloud offer for Financial Industry

Cloud Computing

1. CapEx free IT

2. Higher support levels

and guaranteed SLAs

3. Enhanced business

continuity

4. Tighter security &

compliance

5. Greater flexibility

6. Availability & mobility.

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Key Benefits Of Cloud Computing For Financial Services

• Adherence to Government regulations• Utilization of cutting-edge data protection technologies• Pay as you Go billing Model• Rich user experience, mobility and move towards unified

communications• Volume of information is addressed with enough resources.• Comprehensive back-up procedures and strict access control• Disaster recovery benefits • Community Cloud - compliance with the financial services

industry.• Open Market for Competition:• Easy transformational possibilities: Less upheaval in terms of

infrastructure integration.

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Case: Health Care Industry and Cloud Computing

Challenges:

1. Unique Truth of Customer data, electronic medical records (EMR) and health information exchanges (HIE).

2. Prone to sudden bursts in system usage, due to the seasonal fluctuations like influenza or viral or other epidemics

3. Massive amounts of multimodal data; Medical imaging procedures. Large data volumes and processing needs. Scans, X-ray, real-time monitoring information and extensive analysis of the medical conditions.

4. Common legal compliance needs across nations, HIPAA (Health Insurance Portability and Accountability Act), EU Directives.

Cloud Solutions:

1. Feasible to support Master Data Management of sensitive data to support truth of data.

2. Cloud enables businesses, researchers, data analysts, and developers to easily and cost-effectively process vast amounts of data. Cloud can be a common repository to avoid data redundancy and duplication which utilize NoSQL databases, and implementation.

3. Community Clouds and easily accessible public clouds enable common storage of clinical data from various providers.

4. HIPPA Compliance achieved. Cloud Federation will support the transfer or EMR and HIE across multiple clouds.

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