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.