Burdened by basements packed with legacy systems and risk averse top-floor executives, banks were initially slow to the cloud. The benefits of migration, demand for digital services and the emergence of industry-specific cloud solutions helped break down resistance, and federal authorities have taken notice.
Described as a “first-of-its-kind report,” the document was produced in coordination with the Treasury-chaired Financial and Banking Information Infrastructure Committee. Financial regulators, private-sector companies, trade associations and think tanks provided additional input.
