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Security can also play a role in which cloud option banks and credit unions explore. Organizations wary of the public cloud for compliance and security reasons might prefer a hybrid cloud approach, in which some of the resources remain privately managed onsite but others are handled publicly, offering a stable balance of security and scale.A study from IBM’s Institute for Business Value found that half of surveyed banking executives thought they could lower their cost of IT ownership with the hybrid cloud. The study also found that the most successful banks were both more likely to implement hybrid cloud strategies and more likely to benefit from their implementation.
Knowing Where Small Banks and Big Banks Differ on the Cloud
Small banks have traditionally struggled to modernize their tech, and the complication of vendor relationships has traditionally left them reliant on a handful of large vendors to manage many of their operations. While that dynamic is changing as technology evolves, it remains the legacy of IT in small banking.
For this reason, a recent trend in cloud computing, multicloud, may not necessarily be for them. Multicloud environments, considered an alternative to hybrid cloud offerings, may offer more vendor flexibility. …
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