My colleague Bob Evans over at InformationWeek's Global CIO is reporting that three big banks -- ok, huge banks -- will band together to develop a secure financial services-specific cloud infrastructure so they don't have to rely on services and technology from HP, Oracle, IBM and Microsoft. The three banks, Commonwealth Bank of Australia, Bank of America, and Deutsche Bank, are planning to launch the syndicate on May 17.
It's not a surprising move, since financial services CIOs have been quite public with their concerns about cloud computing and that cloud providers are not taking their security and compliance complaints seriously.
For instance after a March 2010 meeting of the Cloud Innovation Council, Julio Gomez, founder of the financial services Innovation Councils, blogged that cloud vendors just don't get it and are not responding to banking CIO's complaints about cloud security.
In any case, this seems to be a wake-up call for cloud vendors. Banks see the value in cloud and are willing to go it alone, rather than wait for cloud vendors to get serious about developing cloud technology that addresses financial services' security and compliance needs. Read Global CIO's full article for all of the details. Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio