- Samantha Lee/Business Insider
- Wall Street made big strides in 2019 towards increased usage of the public cloud.
- From budgets and multi-cloud approaches to exchanges’ use of the public cloud and others’ hesitancy to dive in, we pulled together all our big stories on the topic.
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Wall Street’s relationship with the public cloud took a big step in 2019.
Other industries have already fully embraced the idea of moving their data and tools off physical servers and to servers managed by the likes of Amazon Web Services, Microsoft Azure and Google Cloud Platform. But thanks to fears and uncertainties around the security and resiliency of the tech, Wall Street’s adoption of the public cloud has been a slow burn.
However, this year proved to be a big one for the duo, as banks showed an increased willingness to move more of their workloads over, culminating in November with one of the industry’s longest holdouts announcing its intention to work with a new public cloud provider.
We’ve compiled our biggest stories detailing the relationship between Wall Street and the public cloud.
Some of Wall Street’s biggest players discussed big plans around the public cloud
From moving workloads to opening new offices, Wall Street’s growing acceptance of the public cloud was evident in the resources it was putting into the tech in 2019. We also spoke to tech executives about their strategy around what parts of their infrastructure they felt most comfortable transitioning.
PayPal is working to handle a chunk of its transactions on Google’s public cloud for the first time. The payment giant’s head of tech explains how that cuts costs and helps prepare for the holiday rush.
Firms also began considering what was needed to have a multi-cloud strategy
As firms began to feel more at ease using the public cloud, they recognized a need to develop a more nuanced strategy for using the tech. One common goal was to be able to operate across multiple public clouds, often referred to as being “cloud agnostic.”
As always, a big concern for firms centered around how much to invest in the tech
While most banks believe a shift to the public cloud will lead to savings in the long term, short-term investment is still required to make the necessary changes. As a result, the resources put towards the tech has continued to climb.
Exchanges were the early adopters of the public cloud on Wall Street
As the central hub for trading, and home to massive amounts of data, exchanges pose an interesting use case for the public cloud. As a result, providers haven’t wasted time trying to recruit them onto their public clouds.
However, some of the biggest players have resisted the tech
Despite the fanfare surrounding the public cloud, there have been those that are hesitant to adopt the new tech. Bank of America had arguably been the most notable holdout. However, the big bank announced late this year it had intentions to finally move some tools to the public cloud.