Banks bid legacy tech farewell as they sail to the cloud – but now all that infrastructure is in hands of the big three | 7/18/2019 | Staff
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Shifting financial services to the public cloud risks creating an over-reliance on the "dominant" service providers, banking heads told MPs yesterday during an inquiry into IT outages in the sector.

Speaking to the influential Treasury Select Committee, Graham Bastin, head of operational resilience at Barclays, said the business spent upwards of £1bn in the last three years making the bank resilient. Currently 20,000 people work in its operations and technology department.

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Bastin said legacy IT is not such a concern for the bank anymore, an issue that has historically been blamed for an increasing number of outages in the sector.

"Barclays are embracing the cloud and our direction of travel is to embrace that more," he said, adding that the firm has built its own private cloud and is now moving to the public cloud with AWS.

Architecture - Thoughtful - Way - Backup - Plan

"As we migrate from our current architecture... we just need to do that in a thoughtful and considered way." Having a backup plan for shifting cloud operations back in-house in the event of an outage will be key, he said.

Anne Boden, chief exec of digital bank Starling, said the firm hasn't been affected by the same level of glitches because it was able to build IT systems from scratch,...
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