cloud computing for financial services organisatios - benefits and barriers for adoption whitepaper
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8/4/2019 Cloud Computing for Financial Services Organisatios - Benefits and Barriers for Adoption Whitepaper
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CLOUD SERVICES
Cloud Computing -
its and Barriers for
Financial Services
Organisations
www.cobwebcloud.com | 0845 223 9000 | cloudservices@cobweb.com
Original Published Research from Cobweb Solutions - Europe’s Leading Cloud Services Provider
28032011 – v1.0
written by Ed Dixon
Head of Enterprise Services
$
Benef
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Cloud Computing or Financial Services
What to look or in a Cloud Services provider
Key benefts o Cloud Computing
FSA and Cloud Computing
Services that Financial Services are adopting
Contemplating a Cloud solution?
Cloud adoption assessment process
Making adoption easy – the roadmapConclusion
About Ed Dixon - author
About Cobweb and The Cobweb Cloud
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CONTENTS
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Cloud Computing for finanCial ServiCeS
The Financial Services industr y has experienced
unprecedented change in recent years.
Regulatory pressures, narrowing margins, and
fierce competition require organisations to
seek innovative strategies and solutions. To
prosper, Financial Ser vices organisations must
focus on core business and cost containment
without sacrificing the capability to adapt and
respond as the I nformation Technology market
evolves.
To meet the demands for greater agility,
efficiency and compliance Financial Services
organisations must embrace Cloud Computing
and harness I nformation Technology as a key
strategy to deliver Unified Communications as
a tool for employee empowerment.
Cloud Computing gives businesses the ability
to centrally manage data, rapidly create and
deploy new capabilities, whilst only ever
paying for the services used with instant
scalability. This makes the adoption of Cloud
Services a very compelling proposition for
‘ever-changing’ markets such as Financial
Services. Email Messaging, collaboration and
hosting are common entry points for Financial
Services organisations looking to transition to a
Software-as-a-Service (SaaS) model.
Initial requirements range from the need to
reduce and maintain hardware at predictable
costs, to wanting to improve service
performance and communication platforms
across the business. Once ROI can be proved
with these ‘mature’ hosted services, the use
of Cloud Computing for ‘Infrastructure-as-a-
Service’ (IaaS) for both customer facing ser vices
and internal systems simply becomes the
logical next phase.
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“The ‘ever-changing’ nature of Financial
Services makes the spreading of IT
costs, based on the volumes of sales, anattractive one … Every Financial Services
organisation we spoke to wants to keep
IT spending down to a minimum and
in proportion to their current trading
environment”
IT Director, Abacus Financial Options
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Cloud Computing for finanCial ServiCeS
Many Financial Services organisations have
downsized IT departments over the last
couple of years in order to cut costs whilst
the economy remained unpredictable. In
addition, a lack of IT investment has resulted in
companies persevering with old unsupported
software, and missing opportunities to take
advantages of new technology which couldsupport their business.
In a recent survey of Financial Services decision
makers, 57% of respondents said they were
thinking of moving to software services via the
Cloud in the next two to three years, making it
possible to deploy the latest technology.
Cloud Computing can offer real benefits for
Financial Services organisations including:
1. CapEx free IT
2. Higher support levels and
guaranteed SLAs
3. Enhanced business continuity
4. Tighter security & compliance
5. Greater flexibility
6. Availability & mobility.
We needed something robust or legal and tax reasons. With Cobweb’s
Message Archiver solution, we have the conidence o knowing that all o our
email communications are automatically and securely archived”
Christopher Fullalove, Cayns’ Director o IT.
“Cobweb is more than just a solution provider; it is a trusted partner that
we know we can count on ... what’s more, Cobweb’s solution is robust and
reliable, and it does not cost the earth.”
Michael Walles, IT Manager, Bartercard
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What to look for in a Cloud ServiCeS provider
The adoption of Cloud Computing continues to
gain mainstream acceptance, largely because
behind the “Cloud hype” there are mature
service providers, with proven track records,
who have been providing what we now know
as “The Cloud” for many years.
Selecting a Cloud Services provider is often
just seen as another form of outsourcing;
however the key dif ference here, especially
when considering Software-as-a-Service, is
the granular level of day-to-day control th at
is retained by the organisation. In particular,
services that are deployed and managed
through portal based provisioning and
billing systems provide unrivalled levels of
transparency between the Cloud provider’s
Public Cloud and the organisation’s own Private
Cloud.
To meet the compliance, security and quality
requirements that are compatible with both
internal audits and FSA regulations, a Cloud
provider should at a minimum be able to offer
an ISO27001 and ISO9001 accredited service.
These industry recognised accreditations
demonstrate a serious, on-going commitment
to data security, and will of ten exceed those of
an internal deployment.
Moving to a SaaS offering can be a daunting
task, especially where a “big bang” approach to
migration (where everything is bought into
the Cloud at once) i s being considered.
Transitioning data from on-premise to the
Cloud does indeed represent one of the main
risks of transitioning from on-premise solutions
to the Cloud. In these situations a phased
approach is recommended giving time to put
a requisite programme of governance and
compliance in place, and ensure a smooth and
successful transition to the Cloud over a pre-
determined period of time.
For this transition period a level of co-existence
will exist between provider and organisation
– for example a phased transition of your
messaging solution to the Cloud would mean
at any point, some users would reside on
the old service and the rest on the new; yet
functionality such as address list and calendar
synchronisation would continue to function,
ensuring no noticeable drop in the quality of
the service.
Finally, it is recognised that business
requirements can change quickly, so it is
important to ensure that once your data &
services have been moved to a provider ’s
Cloud, if in the future your requirements
dictate you can move away effectively and at
an acceptable cost. Reputable providers will
understand this, and will even promote this as
a key benefit of their service.
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key benefitS of Cloud Computing for finanCial ServiCeS
•
Adherence to the latest Government regulationsand FSA compliance
• Utilisation o cutting-edge data protection
technologies
• Comprehensive back-up procedures and stringent
access control
• Fully managed inormation storage in a secure ISO
accredited Tier 4 Data acility
• Eliminate high capital expenditure and move to a
ixed per-user-per-month cost model
• Considerably reduce the risks associated with
upgrading existing legacy sotware
• 24/7 UK based Telephone and Online Customer
Support
• Enhance the user experience, mobility and move
towards uniied communications
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“Hosted Exchange is highly lexible. It increases our productivity and eiciency.
It is extremely cost-eective because it allows us to switch users on and o
instantly. Message Archiver is robust and accurate. It ensures that we are able to
keep – and manage – all email histories in one location”
Christopher Fullalove, Cayns’ Director o IT.
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and because messaging and collaboration
applications have become essential tools in
the financial services industry. It is vital that
any documents or email messages that might
contain sensitive information or confidential
data are fully secure and tamperproof.
For example a Cloud Services provider must
demonstrate that they have the ability to find
patterns of text in an email message to protect
against data in messages that have payment
details being intercepted. In addition, Financial
Services organisations need to be able to find
electronic communications quickly and easily
for legal discovery and compliance. Archiving
technology instantly encrypts and archives a
copy of every internal and external email sent
or received across your organisation.
A Cloud based archiving and compliance
service solution should guarantee that your
email archive is secure and tamperproof and
replicated in dual data centres, so that nothing
can be deleted or altered.
In addition the solution should offer a 100%
no virus guarantee. By ensuring this you
can be sure that everything in your archive
is authentic and most importantly, legally
compliant.
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The FSA (Financial Services Authorit y) is an
independent, non-governmental body that
regulates the financial services industry in the
UK, including most financial services markets,
exchanges and firms. Granted statutory powers
in the UK by The Financial Services and Mark ets
Act 2000, the FSA sets standards to which such
organisations must comply and can take action
against them should they fail to meet required
standards.
The FSA lays down strict requirements to
protect consumers against malpractice, and has
wide investigatory and enforcement powers to
ensure those requirements are observed. The
FSA’s regulations require all Financial Ser vices
organisations to store all emails sent and
received between businesses and consumers
for a minimum period of up to six years, and
other case related emails indefinitely, so that if
required cases can be reviewed.
This legislation from the Financial Services
Authority makes it a mandatory condition
for Financial Services organisations to have
a reliable and secure email messaging and
archiving solutions in place.
Financial Services organisations must ensure
that their messaging and collaboration
software is set-up and configured securely,
the fSa and Cloud Computing
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Cloud ServiCeS that finanCial ServiCeS are adopting
Microsot SharePoint Server -
SharePoint Server is a collaboration and
content management solution that allows
Financial Services organisations to use
one integrated platform to support portal,
information distribution and document
management needs. The collaboration
capabilities can be deployed across entire
organisation regardless of geographical
locations and can even be used by suppliers
and partners.
SharePoint provides a cost-effective foundation
for creating web based business applications
(these could be intranet, extranet, and
even internet applications) which are fully
customisable and scalable to your business
needs and compliant with your internal
information governance requirements.
Microsot Exchange Server -
For organisations today, email is t he mission-
critical communications tool that employees
must use to produce their best results.
This greater reliance on email has increased
the number of messages sent and received,
the amount and variety of work performed by
email, and even the speed of business i tself.
Exchange Server provides a rich messaging
platform to manage information exchange
in your organisation whilst helping meet FSA
compliance objectives.
Email Archiving & Compliance -
Message archiving technology seamlessly
integrates with email and instant messaging
systems to deliver instant online search,
retrieval and monitoring capabilities. Fully
compliant Message Archiver solutions secure
your business information and provides rapid
recovery and audit trail.
These services provide businesses with a
professionally-managed yet easy-to-use, email
archiving, continuity and security solution.
Microsot Dynamics CRM -
Dynamics CRM can help Financial Services
organisations stand out from the competition.
With the ability to build and maintain rich
customer relationship profiles, you can provide
personalised service that builds customer
loyalty and ultimately increases your revenue.
Users will also find that the familiar Microsoft
functionality and inter face empowers them to
work in an efficient and natural way.
Cloud Hosting –
Cloud hosting is the provision of highly secure,
scalable, pay-as-you-go infrastructure to
support Financial Services organisations online
and e-c ommerce platforms. This flexibility
protects online revenues and meets the cyclical
resource requirements of seasonal highs or
lows.8
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Contemplating a Cloud Solution?
The growing trend of opting for Cloud Computing as a solution has seen IT decision maker’s
attention shift to servic e management, costs and fee structures and spending less time on lengthy
implementations and upgrades.
The questions you need to consider when contemplating a Cloud solution are as ollows:
“By outsourcing our communications to Cobweb, we no longer have to deal
with the daily headaches o running an email service. In act, we don’t have
to spend a small ortune on an IT consultant as Cobweb manages everything.
This includes automatically upgrading the sotware, running the virus scans
and providing back up services – all or a low monthly cost.”
Je Moores, Director, Trinity Financial
1. Is Cloud Computing suited to your
organisation?
2. What is the impact of moving to the
Cloud?
3. Can you achieve FSA compliance
within the Cloud?
4. Does the service offer self-
provisioning and billing models to
suit?
5. What measures should you take to
ensure highest levels of security?
6. Will it lower your operational costs?
7. Where is the best place to start?
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Cloud adoption aSSeSSment proCeSS
• Determine how to get started with Cloud adoption and Cloud offerings
• Assess requirement for messaging, collaboration, Unified Communications, CRM and Cloud
hosting and agree objectives
• Identify which areas of your business are suitable and how compliance and standards are to
be met
• Prioritise Cloud opportunities to develop an overarching Cloud adoption roadmap
• Considerations for public, private, community and hybrid models
• Establish a high level ‘benefits case’ for adoption.
making adoption eaSy – the roadmap
The numerous Cloud options, benefits and barr iers to adoption drive the need for a Cloud roadmap
that balances thoughtful business insight, solution expertise and rapid time to benefit. Financial
Services organisations must decide which of the new Cloud-based delivery solutions and models
should be considered.
In developing a plan with a Cloud provider such as Cobweb Cloud Services, Financial Ser vices
organisations can gain a head start in understanding the opportunity for their organisation and
accelerate the ‘time to benefit’ whilst making adoption easy.
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Define Scope
Cloud Opportunity
Review
Assessment &
Analysis
Benefits
Statement
Cloud
AdoptionRoadmap
Infrastructure
Review
Application
Review
Maturity
Map
Cloud Adoption
Reference
Model
Establish Business
& IT StrategicObjective
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ConCluSion
Whilst Cloud Computing, Software-as-a-
Service and Infrastructure-as-a-Service provide
a compelling option for Financial Services
organisations, the benefits and the risks need
to be addressed. A Cloud Services provider
differs from traditional outsourcers and hosting
providers through the transparency and
flexibility they bring in per unit billing, self-
provisioning and service reporting.
The process of moving to a Cloud provider
must offer co-existence and roll back to enable
a seamless migration; the provider must
have maturity of service with an established
customer base and service por tfolio. The
opportunity for Financial Services organisations
is significant and any project being undertaken
should consider, even as an alternative, Cloud
Computing.
Finally, as Financial Services organisations
look to IT to drive t heir businesses forward,
the adoption of Cloud Computing represents
one of the few strategic initiatives that is
able to demonstrate; lower predictable costs,
alignment to business and seasonal cycles, and
a foundation for business growth.
About the Author - Ed Dixon
Ed Dixon is the Head of Enterprise Services at
Cobweb and is responsible for the growth of
Cobweb’s mid-enterprise business. He plays a
pivotal role in working with clients to develop
their strategic plans and building the financial
case for Cloud adoption.
Legal Notice This document is the Copyright © 2011 of Cobweb Solutions Limited
and is correct at the time of publication.
All content is provided for informational purposes only. Cobweb is not
liable for any errors or omissions in the content, or for any actions taken
in reliance thereon. All Trademarks are hereby acknowledged.
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about CobWeb and the CobWeb Cloud
Cobweb has been delivering software from the
Cloud since the late nineties and remains the
largest Cloud provider in Europe of Microsoft
collaboration software in Exchange 2010,
SharePoint, OCS, Email Archival and Dynamics
CRM.
This is combined with the provision of
scalable and secure infrastructure and data
management services from the Cobweb Cloud,
which support business critical applications in
a pay-as-you-go utility model.
All underpinned with our unique hybrid Cloud
layer for management, provisioning and
transparent billing and our comprehensive
professional services capability.
Cobweb’s Cloud Services have proven to help
customers reduce the cost and complexity of
delivering software and infrastructure and is
accelerating the adoption of a service based IT
model.
Cobweb has embarked on a series of industry
best practice certific ation programmes to
provide our customers with further reassurance
of our capabilities:
ISO9001 – Quality Management (Assessment
passed 1st time – Sept ’04 and annually since)
ISO27001 – Inormation Security
Management (Assessment passed 1st time –
Mar ’06 and annually since)
ISO14001 – Environmental Management
(Assessment passed 1st time – May ’08 and
annually since)
Cobweb is a Microsoft Gold Certified Partner
with 5 competencies demonstrating the
breadth and depth of our Microsoft expertise
and skills:
• Networking Infrastructure Solutions
• Information Worker Solutions
• Mobility Solutions
•
Hosting Solutions• Unified Communications Solutions
In addition, Cobweb has selected the best of
breed partners to support our services delivery,
HP, Cisco, EMC, VmWare, Parallels, MessageLabs,
BlackBerry and Global Relay to name a few.
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