THETRADETECH DA I LY
THE OFFICIAL NEWSPAPER OF TRADETECH 2018
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Source: Citi Velocity Clarity
“We believe cloud computing has moved
past a tipping point and that the security,
scalability, resiliency, recoverability and cost of
applications in the cloud are better than many
private enterprises could achieve on their
own,” says Robert Garrison, chief information
officer, DTCC. “As a result, we will pursue a
strategy of building a cloud ecosystem that
supports best practices and standards.”
Cloud technology also has several other
applications in the financial services industry
other than data security. With the speed of in-
novation that is coming out of AWS and Goo-
gle, will these non-bank technology providers
become as important to the financial services
industry as traditional providers? And should
they be worried about being replaced?
According to Sean O’Donnell, vice president
for technology at Publicis.Sapient, while AWS
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may not become as important to the financial
services systems in the same way that a trade
repository or central securities depository
would be, but its rapid and elastic services are
becoming are critical enablers for innovation
within banks.
“The reason being is that the most smart
development teams within banks are already
building cloud-native application where it can
be plugged into all of their systems, and the
data available on the cloud,” says O’Donnell.
“It might not be AWS or Microsoft, but
there will be more off-the-shelf platforms and
services popping up that are natively built on
cloud platforms that can take advantage of
industry and regulatory developments.
“Small start-ups or those incumbents that
have platforms installed in the cloud can as-
sume the data is available in the cloud and can
tap into it, and build upon it.”
Both market infrastructures and securities
services providers are improving their gov-
ernance of cloud technology to improve effi-
ciency and resiliency of their operations. The
impact of AWS and other cloud providers has
not only disrupted the industry and prompted
incumbent providers to innovate, it is driving
a new perspective on financial services.
AWS has proven you do not need to be a
100-year old legacy bank to provide financial
services, especially in this new age of start-
ups, innovation labs, and data management.
Whether or not AWS presses on into the
securities services industry, and possibly even
become a bank, remains to be seen. How-
ever, do not be surprised that you may soon
be ordering your financial services offerings
alongside your Christmas shopping.