Three large banks, Bank of America, Commonwealth Bank of Australia, and Deutche Bank announced that they will band together into a “technology buying alliance” to adopt cloud in resistance to the high infrastructure maintenance and other costs of their traditional IT structure. The companies feel that by becoming allies they can effect “a change in procurement practices and move to more shared or even open source solutions when they make sense.” Spearheading this effort is CIO Michael Harte of Commonwealth bank of Australia who is viewing the “slow embrace of innovation and cloud delivery as proof of their dependence on current revenue structures”. If this effort succeeds, it will put brick and mortar IT on edge and could force action to enhance or provide more cloud-based solutions.
Triad of Banking Giants Allied to Move into Cloud
April 29, 2010