Cloud Adoption Rapidly Gaining Speed in Financial Services
Many banks no longer want to run, support and maintain technology and prefer the speed and flexibility of cloud solutions.
The attendee who is partially responsible for data management infrastructure at a New York-based investment bank asked to remain anonymous, since he isn't authorized to speak to the press. His sentiments, however, were echoed throughout last week's day-long Bloomberg Link Enterprise Technology Summit that featured speakers from Blackstone, Freddie Mac, RBS, Google, Deutsche Bank, Direct Edge, Lightspeed Financial, PDQ ATS, Bloomberg and more.
"Unless you are a company that has a hundred thousand square feet of white space in a computer room, you can outsource it all to someone else," said Tom Secunda, Founding Partner, Vice Chairman & Global Head of Financial Products & Services, Bloomberg LP, in his opening remarks at the conference. "If you are a small [firm], or medium, wow, what a level of service you can get. And because the outsourcers do this across many customers, you can get the services much cheaper than you can do by yourself." Read full story on Wall Street & Technology
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