Bank of England warns that banks are overly reliant on cloud

Bank of England, London

The Bank of England is calling for increased powers to oversee the banking and finance sector’s switch to cloud computing.

Its concerns stem from cloud adoption making systems more secretive and concentrating sensitive data in the hands of a select few tech giants like Amazon and Microsoft.

The central bank has said it will need “additional policy measures” to make sure it can assess the industry’s IT infrastructure, even when it’s run by third...

Commerzbank continues Google Cloud partnership in multi-cloud migration plan

German commercial bank Commerzbank is moving into a five-year deal with Google Cloud to migrate a 'significant number' of its banking applications into the cloud.

The expanded agreement will mean Google offers the bank 'a deeper set of platform services to enable its digital transformation', the companies noted. Commerzbank developers will be able to follow a continuous integration and delivery (CI/CD) approach, enabling faster and easier building and maintaining of...

Exploring corporate banking’s growing business case for cloud migration

The impact of public cloud on retail banking is already clear. As a mainstream technology, cloud enables top initiatives such as digital, mobile, and customer analytics. In the corporate banking segment, the pace of cloud adoption and migration has been slower. Top among the forces impeding legacy transformation and the move to the cloud: security and compliance concerns.

Today, corporate banking’s approach to innovative technologies and cloud computing is changing. While...

Deutsche Bank shares more detail on Google Cloud partnership and use cases

Deutsche Bank and Google Cloud agreed a multi-year contract back in July - and with the ink now dry, the two companies have outlined a number of use cases for the bank's digitalisation.

The 150-year old company is looking to utilise Google's cloud for a number of new products. These include new lending products to support 'pay per use' models as an alternative to purchasing assets outright and establishing a new interface for retail customers in Germany. The bank's Autobahn...

Lloyds Banking Group signs up to Google Cloud in five-year partnership

Google Cloud continues to secure the big-ticket clients, with the company announcing that Lloyds Banking Group is set to embark on its ‘cloud transformation’ journey with Google.

The bank is investing a total of £3 billion ($3.9bn) between 2018 and 2020 in wider IT initiatives, and in this five-year deal, Lloyds will deploy various Google Cloud services focused around the customer...

IBM touts first financial services-specific public cloud after Bank of America collaboration

IBM is looking to target financial services customers with the launch of what is being claimed as the world’s first financial services-ready public cloud – in association with Bank of America.

In some respects, this can be seen as a glorified customer update. Bank of America will be a ‘committed collaborator’ to use the platform, built on IBM’s public cloud, and will host key applications to...