In 2009, a report said that most of the banks did not believe that they would find the significance in utilizing cloud computing. Today, several banks are already reconstructing their operations around the idea of cloud software.
BBVA and Commonwealth Bank of Australia have made noteworthy shifts to cloud computing. Last year, BBVA moved its 110,000 personnel to Google Enterprise Apps. The deal was Google's largest contract when it comes to the software. Carmen Herranz, BBVA's director of innovation, said using Google applications such as calendar, chat, docs, email, video conferencing and other tools was targeted to "achieve a cultural change" and get "the company working together" across 26 nations where the bank is currently located.
Subsequently, Michael Harte, CBA's CIO, said the bank saved "tens of millions of dollars over one year." By switching to cloud, CBA was able to spend three times less on IT infrastructures than before. CBA was previously spending "about 75% of our IT budget on infrastructure, it is now down to 26%." The two banks demonstrated that cloud could deliver innovation and cost cutback in banking.
Last month, PricewaterhouseCoopers reported that 71% of Financial Services think that they would invest more in cloud computing in 2013, up from last year's 18%. Analysts stated that an annual growth rate of 26.6% could be observed in the global cloud market. The figure would signify an upsurge from US$37.8 billion in 2010 to US$121.1 billion in 2015.
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