After years of foot-dragging, many big banks have been abandoning their cautious approach to cloud-based services and signing up with gusto to outsource their storage of data and other activities that demand high-intensity computing power. In the past few days alone, Amazon Web Services struck a big new deal with HSBC while Google announced partnerships with Goldman Sachs and Deutsche Bank.
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Big banks look to the cloud to accelerate digital shift
McKinsey has forecast that between 40 and 90 per cent of banks’ workloads globally could move to the cloud in a decade. Bankers believe coronavirus will accelerate that shift dramatically. An executive at one big cloud provider says: “So far it’s been high-compute intensity areas, such as risk management modelling, that have moved on to the cloud. Personally sensitive data and trading data have not moved. But we’re starting to see that change.”
