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32.FINANCIAL INDUSTRY CHALLENGES AND RELEVANT CLOUD BENEFITS
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“As Is” Challenges: • Persistent pressure on budgets leads to cost containment and reduction • Regulatory Pressures • Fierce competition • Data is increasingly being regarded as a extremely valuable type of asset. • Diverse technology environment for data management that is costly to maintain and complex. Need of an Hour: • Innovative & Incremental strategies and solutions • Core business and cost containment without sacrificing the capability to adapt and respond as the Information Technology market evolves. • Greater transparency, information and analytics; improvements to portfolio management and risk reduction; and new asset classes, products and services.
What is Needed? • The ability to store, process, use and re-use information of all types and from all sources quickly and to make it accessible anywhere from multiple devices • Automated low-maintenance platforms that allow for easy replication • The ability to dramatically drive down processing costs • New approaches to developing tightly integrated systems based on best-of-class components • Increased performance and risk analytics • Proactive “what if” capabilities • Data-rich environment of the dashboard • Dashboards and cloud computing are key ingredients to transforming tomorrow’s vision into reality. And both technologies exist today.
Key Benefits Of Cloud Computing For Financial Services • Adherence to Government regulations • Utilization of cutting-edge data protection technologies • Pay as you Go billing Model • Rich user experience, mobility and move towards unified communications • Volume of information is addressed with enough resources. • Comprehensive back-up procedures and strict access control • Disaster recovery benefits • Community Cloud - compliance with the financial services industry. • Open Market for Competition: • Easy transformational possibilities: Less upheaval in terms of infrastructure integration.
Case: Health Care Industry and Cloud Computing Challenges: • Unique Truth of Customer data, electronic medical records (EMR) and health information exchanges (HIE). • Prone to sudden bursts in system usage, due to the seasonal fluctuations like influenza or viral or other epidemics • Massive amounts of multimodal data; Medical imaging procedures. Large data volumes and processing needs. Scans, X-ray, real-time monitoring information and extensive analysis of the medical conditions. • Common legal compliance needs across nations, HIPAA (Health Insurance Portability and Accountability Act), EU Directives. Cloud Solutions: • Feasible to support Master Data Management of sensitive data to support truth of data. • Cloud enables businesses, researchers, data analysts, and developers to easily and cost-effectively process vast amounts of data. Cloud can be a common repository to avoid data redundancy and duplication which utilize NoSQL databases, and implementation. • Community Clouds and easily accessible public clouds enable common storage of clinical data from various providers. • HIPPA Compliance achieved. Cloud Federation will support the transfer or EMR and HIE across multiple clouds.