Are banks slow in taking on the cloud?

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Of late, there has been a lot of hype around why banks remain sluggish in adopting the cloud. As we all know, the banking services industry as a whole is often accused of being slow to implement innovative technology, with around 75 per cent of banks in Europe, for instance, using outdated core banking systems.

In part, concerns over security have created a barrier to the deployment of cloud technologies. These include the lack of visibility into the service provider security measures, the potential for unauthorised third party access to data, plus the lack of control over where data is stored.