MEET US ON 7 DECEMBER 2017
Technological progress and globalisation have led to significant changes in methods of data collection, access and use. Over recent years, this has contributed to an observed increase in banks’ interest in cloud computing as a means to support the sustainable digitalisation of the banking sector. However, while technology in banking has adapted to business requirements within the legal and regulatory constraints applicable at local, national and regional level, banks have been slower in their uptake of cloud services when compared to other industries.
We observe that the legal and regulatory constraints and the higher compliance risk derived from the use, management and storage of customer information constrain the adoption of cloud service models by a strictly (and comprehensively) regulated banking industry. These constraints also create significant frictions in ensuring that regulatory compliance is achieved in contractual negotiations between banks and cloud service providers (CSPs).
A key factor slowing down cloud adoption in Europe is the lack of harmonisation in regulatory approaches across different jurisdictions. The variation in approach to cloud computing in financial services by various national regulators creates inefficiencies.
The purpose of the 1st EBF Cloud Banking Conference is to bring together Banks, Cloud service Providers, policy makers and national and European supervisors to exchange further on the opportunities and obstacles to the adoption of the cloud by the financial institutions on various thematics such as:
- Opportunities of cloud adoption by the banking sector
- Access and Audit rights
- Impediments to the secure deployment of cloud by financial institutions
- Free flow of data
It will be also an opportunity for the EBF to announce the launch of the European Cloud Banking Forum for the wider adoption of the cloud by the banking sector.