TECH BUYER Oct 2018 - IDC Perspective - Doc # AP43050818
Oh, How Things Have Changed: A Rethink of Cloud in Asia/Pacific Banking
We anticipate an era of accelerated cloud adoption for the banking industry in Asia/Pacific in the next few years. There is a confluence of positive factors that lead to this development, primarily, the greater willingness by banks to take on various models of cloud (private, public, and hybrid), more regulatory clarity on cloud use by banks, and the sheer growth of requirements (compute, storage, networking, and application workloads) that call for cloud.
Michael Araneta, associate VP, IDC Financial Insights says, "There is a big shift in how banks view cloud. From wariness toward cloud by the banks themselves and their regulators not too long ago, the industry has turned toward cloud as the platform of innovation and an opportunity to stand out from its peers. With cloud playing a bigger role in key operations, more care and thought are needed when it comes to governance in the new environment. There needs to be a rethinking of the traditional principles of security, integrity, and reliability."