Financial service companies are applying cloud computing to everything from simulating insurance scenarios to processing global payment transactions, and more.
The highly regulated world of financial services has been slow to adopt public cloud services — mostly due to caution around the inherent risks of using third-party off-site infrastructure to store sensitive data and run mission-critical applications — but this is starting to change.
The advantages of cloud computing — such as scalable data storage, access to high-performance computing (HPC), and saving money on equipment — are difficult to ignore. In many cases, tech giants like Amazon, Microsoft, Google, and IBM are better placed to support sensitive workloads than the financial service providers are themselves.
As a result, more financial service companies are looking to cloud services to help lower infrastructure costs, accelerate software deployment, increase operational flexibility, and improve security.
Using CB Insights Business Relationship data, we identified 10 ways that cloud computing is transforming financial services. Below we outline these specific use cases, the organizations involved, and why cloud computing can provide an advantage over traditional on-premise infrastructure.