Six Factors That Will Help You Build Your Business Case for Cloud-Based Information Exchange Services

Six Factors That Will Help You Build Your Business Case for Cloud-Based Information Exchange Services

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Building a business case for moving to the cloud can be challenging. Although cloud-based technology is emerging in nearly every segment of the financial services industry, many business and IT executives are wary of taking the leap.

We invite you to join the experts at Banking Tech and OpenText for an informational webinar discussing today’s current cloud-based information exchange landscape. During this event, we will uncover the challenges faced by financial firms in areas of trade finance, payments, and foreign exchange to help you build a business case for cloud-based information exchange services.

Key webinar takeaways include:

  • Learn ways to transform workflows, reduce operating costs, and reduce risk
  • See real-world examples of cloud-based information exchange in financial applications
  • Examine best practices for selecting a cloud vendor


Tags: Archive, Banking Technology, Featured, Telecoms.com
Questions
  • JimDev May 23, 2013 at 1:26 pm

    The cloud has been in the news with regards to lost and/or theft of private and confidential information. How can my institution really trust our information and our client’s information in the cloud?

    • Henry Bayard May 23, 2013 at 1:33 pm

      Not all clouds are the same. There is the great Internet, public cloud, as well as private and hybrid clouds. Do not trust your information to the public cloud. We were discussing today the use of a fully managed private cloud.

      A private cloud provider should have the following characteristics:

      1. Security policies and procedures in place and be auditable by a third party
      2. All users/applications must be registered in the cloud and their rights appropriately restricted
      3. Have business continuity plans in place and be tested on a regular basis
      4. Provide you and your clients with service level agreements
      5. Have a global secure, multi-layered, network
      6. Data encrypted while at rest in the cloud
      7. Support staff available on a 24×7 basis.
      8. Be provided by a public company and have audits available to your company, i.e. SOX, PCI and SSAE-16 type 2
      9. Have extensive experience in running a private cloud for financial institutions and corporate

      If you are dealing with a private cloud provider with these characteristics you can realize the benefits of using the cloud to improve and extend your business while reducing costs.

  • Rebecca Smith May 23, 2013 at 1:31 pm

    I am a product manager at a bank. I am not sure what my technology team selecting to use a private cloud will be meaningful to me?

    • Henry Bayard May 23, 2013 at 1:35 pm

      Getting a new product or service through a bank’s internal review process is becoming complicated. There a multiple hurdles to jump over ranging from security audits, approval to spend capital, change control processes, to scheduling resources to work on the product or service. A private cloud service provider can act as an extension of your IT and Operations teams. Once the following criteria have been pre-established new products can be rolled out in weeks instead of taking six months or more to deploy.

      Pre-established check lists include:

      1. Master services agreement which enables new products to be added on as a simple addendum
      2. Standardized pricing for similar services
      3. Service levels agreement
      4. Security audit, previously completed
      5. Business continuity plans for the product
      6. Pre-established connectivity to the private cloud
      7. A Q&A environment for testing

      Once the check list is established new services can be rolled out quickly and at minimal costs. The product manager can realize a competitive edge by being more responsive to client’s needs and more nimble than their competitors.

  • JimDev May 23, 2013 at 1:32 pm

    Globally we have experienced earthquakes, major hurricanes and nuclear melt downs. How can I be assured that a Cloud service provider will be available to me and my clients?

    • Henry Bayard May 23, 2013 at 1:38 pm

      It is important to make sure you do full due diligence on any supplier you intend to do business with. Both you and your supplier need to have disaster recovery and business continuity plans in place. The burden is not just on the cloud provider. There is a difference between disaster recovery and business continuity plans. Disaster recovery is the strategies and plans for the restoration of a bank’s infrastructure after a disruption and business continuity is your bank’s planning and procedures for responding to a disruption

      You have to make sure that your private cloud provider has the processes, procedures and the technical infrastructure in place to support your business and clients. This means on site visits on a regular basis to verify that procedures and technical infrastructure is in place. The focus of the site visits needs to be on not just your application but the entire network of the cloud provider. You want to look for single points of failure. It is important to make sure you have service level agreements in place. A cloud service provider which has a global, distributed network with tested technical staff, who understands both business continuity and disaster recovery are good candidates to be your cloud partner. You want to look for a private cloud provider that is focused in the B-to-B space and understand your business needs.

  • David Weir May 23, 2013 at 1:35 pm

    What should I be looking for in a private cloud provider?

    • Henry Bayard May 23, 2013 at 1:44 pm

      There are a number of qualities you want to look for in a cloud provider before trusting your business and clients to them.

      Those qualities should include:

      1. A cloud provider who is solely focused on the B-to-B market. It is difficult to be all things to all clients. Experience has shown trying to support both consumer and business markets results in a dilution of standards that need to be in place for a financial institution
      2. It needs to be secure and compliant with appropriate financial and corporate regulation
      3. Provide service level agreements
      4. Be scab ale for your business and client. You should not have to “buy” additional resources in order to grow you business.
      5. Be able to help you to deploy new products and services quickly
      6. Always available to you and your clients
      7. Be global
      8. Be accurate in the delivery of your transactions
      9. Charge on a per transaction basis, no hidden costs
      10. Have a qualified support staff available on a 24×7 basis

      The benefit for the banks will be no investment in capital, personnel and infrastructure in order to grow their business.

  • Paul Waite May 23, 2013 at 1:48 pm

    Thank you for all your questions today, this Q&A is now closed. You can email your questions to aarjune@easylink.com who will forward them onto Henry Bayard.