Banks Warming to Cloud Computing?
Large financial institutions traditionally invest heavily in new technology, but also are “conservative” about security issues and control. That some now seem willing to embrace moves to cloud computing might suggest change is coming.
Capital One is already in the process of shutting down five of its eight private data centers to move most of its data to AWS by 2018. Another "large" bank cited in the note said it's committed to shutting down all of its private data centers by 2020, although it's more likely to start with a hybrid of cloud and on-premise data centers, according to the note.
These kinds of changes will only speed up the adoption of the cloud by other sectors, too, expanding the overall pie for public-cloud vendors. Gartner estimates spending on public-cloud services to increase from $85 billion in 2014 to $180 billion in 2019, according to a note by Bank of America.