How cloud and data centre technologies will evolve in the finance sector
Wed 27 Sep 2017 | Fritz Perpignand
Ahead of his appearance at Cloud Expo Asia and Data Centre World Asia, Fritz Perpignand, Group CTO HDCS CloudServe APAC Lead at Credit Suisse, discusses the changing role of cloud and data centre technologies in the financial services sector, both in the APAC region and worldwide
Looking at the way in which cloud solutions can be applied in financial infrastructures, Perpignand notes that there are numerous avenues for deployment. Whether through larger bank-wide initiatives, small ad-hoc business projects or solely as an infrastructure hosting program, he argues that cloud solutions are suitable under many guises in financial institutions.
Each of these options has its pros and cons but, suggests Perpignand, one thing is certain: financial services institutions will need to adopt cloud solutions in order to remain competitive and keep infrastructure costs down. Many are already moving towards adopting cloud solutions – both public and private.
There are many advantages of cloud adoption in this market, but two that Perpignand highlights are the reduced cost of infrastructure and improved time to market. Cost is always a factor, irrespective of the strategy, but cloud implementations provide the capability to quickly spin up or shut down environments when required, as opposed to constantly running and consuming rack space and power.
A combined strategy of leasing data centre space and leveraging cloud solutions will result in significant cost savings
It is also necessary to consider the time it takes to purchase, rack, stack and provision systems for developers; those leveraging cloud solutions are able to perform the same in minutes as opposed to weeks or in some cases months. Perpignand believes that this is a significant benefit as it increases productivity and offers IT departments the ability to add value to the business as opposed to chasing status or raising tickets.
The future of tech in finance
Perpignand predicts that financial institutions will embrace a model of leasing data centre space from enterprise data centre service providers and move away from the traditional model of owning data centres. A combined strategy of leasing data centre space and leveraging cloud solutions will result in significant cost savings for the institution as they will no longer need to pay for unused rack and power utilization.
When considering the challenges that financial institutions face in the APAC region in terms of implementing digital strategies, Perpignand believes that there is never a case where a strategy can be implemented smoothly and without challenges. However, he does note that some prominent challenges in the APAC region include implementing regional strategies in global institutions where prioritization sometimes contributes to delays or cancellation.
A further challenge that arises is implementing solutions that help the bank to reduce costs but at the same time meet the stringent regulatory pressures and requirements, particularly as these vary for different countries.
Tackling large-scale change
The last and perhaps most daunting challenge that Perpignand identifies is tackling large-scale change. This is not an issue unique to the APAC region, as he notes that transformation always takes time, and the support of multiple teams, and will face delays if some change agents are not on board.
Finally, Perpignand argues that if there’s one key determining factor that pushes digital transformation, it is strong support from senior management. Irrespective of the strategy, vendor partners or roadmap, the lack of senior management support will hinder the movement, stifling an innovative culture or one that is accepting of change, all the way through the company.
Fritz Perpignand will be speaking at the forthcoming Cloud Expo Asia and Data Centre World Singapore, 11th and 12th October 2017 at the Marina Bay Sands Expo and Convention Centre. To hear from Perpignand and other cloud and data centre experts from around the world, register today for your FREE ticket.