For some years now, banks have been grappling with the idea of cloud.
A bit like Big Data, ‘cloud’ is this amorphic term that offers a panacea of solutions and nothing specific.
This is not actually true, but the wide-ranging breadth of cloud and few and far between examples of depth, make it a term that does not sit well with most in the financial markets.
For those who are uninitiated it means outsourcing your data or losing control, and hence it is resisted heavily; for others, it means agility and the ability to react to any processing needs; whilst for a few, it means saving huge amounts of cost on infrastructure and processing.
The core challenge is defining cloud, as few have.