The Cost Dimension

How Financial Service Companies Are Moving Towards the Cloud

Technology moves at a break-neck pace, and has left many financial institutions behind. Modern programming languages that most other industries have adapted to have not been adopted by most financial service organizations. Updating systems may be costly, but CIOs across many businesses are looking adapting to the cloud.

The main driving force behind this shift? Here are some of the benefits of the cloud:

  • Infinite – or near infinite– computing and storage
  • Substantial cost savings
  • Improved availability and uptime
  • Less cumbersome to manage internally

For companies that have a vast amount of data to handle and store, cloud is the strategic option.

As Jesus Pena, VP of Sales at United Data Technologies (UDT) explains, “We have a customer — an insurance company that has 40TB of data it has to back up and move.” It’s in these situations that cloud really plays a crucial role. As Pena points out, “It really becomes inexpensive, especially compared to the capital investment cycle they have to go through when it comes to implementing technology like storage area networks (SANs), it’s not just the hardware, it’s the warranty and support too — the whole infrastructure needed to support the SAN.”

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