Data centres
Data centres of the future
There has been much talk of the demise of bank-owned data centres in recent years, but just when they seem to be fading into history along comes a major fi nancial institution ready to invest in its own on- premise infrastructure. Jim Banks talks to Gilles Chemla, professor of fi nance at Imperial College London and co-director of its Centre for Financial Technology, about whether data centres will one day move completely to the cloud or whether the hybrid approach will dominate for many years to come.
T
he banking industry was an early adopter of cloud-based technology, eager to take advantage of its manifold benefits. That covers everything from greater agility and the ability to scale computing power seamlessly to cost efficiency measures. The advantages of leveraging investments by some of the world’s biggest cloud providers – principally Amazon, Microsoft and Google – are very attractive. For example, Amazon Web Services (AWS), with a 33% market share in 2021, earned more than $45bn in revenue in 2020 – of which a substantial part is
Future Banking /
www.nsbanking.com
invested back into its cloud platform to boost performance, scale, security and resilience. No bank could match that level of investment on its own. Nevertheless, the industry has failed to jump into the cloud with both feet. Although some functions have been moved to cloud-based systems, more critical functions, such as core transaction processing, have often been retained in-house and on-premise, largely to maintain control of sensitive processes. Even so, there are signs of a change in attitude, as more banks start to embrace the cloud
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