Cloud computing is slowly changing how Wall Street banks handle their business, but banking regulators in the US and Europe have jointly underscored the need for lenders to manage risks and have backup systems in place when they outsource technology to cloud providers.
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Banks Tiptoe Toward Their Cloud-Based Future
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But on his first attempt to buy plane tickets, this ambitious itinerary — costing $2,932.48 — got the attention of Capital One, which blocked the charges. Mr. Lucas’s fraud alerts were made possible by an invisible force tiptoeing into Wall Street: cloud computing. Before moving into the cloud, his bank, Capital One, was limited to tracking fraud using the bandwidth of the servers it owned. Now that it rents capacity from Amazon Web Services, the bank can use machine learning to crunch numbers faster — and on an enormous scale — to detect anything out of the ordinary.
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