Cloud Computing in the Japanese Financial Services Industry
Cloud computing is making the transition from buzzword to real world application in Japan’s financial services and IT industries.
The proliferation of cloud computing is bringing fundamental and lasting change to the structure of the financial services IT industry. This shift to the cloud portends an IT paradigm shift that is expected to rival the significance of the “downsizing” of computational hardware witnessed in recent decades and could be a structural turning point for the industry.
In a new report, Cloud Computing in the Japanese Financial Services Industry, Celent analyzes the latest trends in cloud computing based on interviews with multiple financial institutions and IT financial services providers. The report distills the results of these interviews, outlining the common expectations of IT service users and providers, both of which indicated high expectations in the area of standardization, specifically with regard to all system processes, IT asset allocation and governance, architecture, system platforms, software configuration, and build, operation, and maintenance methodologies.
In addition, service users and providers are focused on the creation of added value, including through on-premise collaboration, the immediate realization of value with hybrid cloud services, and securing future value via an agile development platform.
“Celent’s interviews with Japanese financial firms and technology providers demonstrate that cloud computing is not a fleeting fad, but has staying power,” says Eiichiro Yanagawa, Senior Analyst with Celent’s Asian Financial Services Group and author of the report. “Cloud solutions are being actively implemented and more are on the way, a trend that signals significant changes on the horizon.”
In this report, Celent uses eight case studies to examine the current state and future prospects of cloud computing in Japan’s financial services industry based on interviews with financial institutions and financial services IT vendors. For the purposes of this report, the U.S. National Institute of Standards and Technology (NIST) definition of cloud computing is used.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Cloud Computing: Definitions and Role
Cloud Computing Defined
Structural Changes in the IT Industry
Vendor Changes in the IT Industry
User Side Situation (Financial Institutions)
Case Study 1: Generating a New Value in the Internet Era
Case Study 2: Securing an Agile System Platform
Case Study 3: Establishing a New Standard in LCM Systems
Case Study 4: Overcoming Disaster
Case Study 5: Thinking Globally Anew
Case Study 6: LCM Service for ATMs
Case Study 7: One-Stop Storage System Service
Case Study 8: Using the Cloud for a Shared System Project
One More Paradigm Shift: Services Going Mainstream
Accounting Audit Requests and Industry Organization Standards
The Key: Modular Technologies
The Unbundling and Modularization of Financial Service Operations
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
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