Cloud Computing and SaaS: Getting the Most Leverage
Cloud computing and Software as a Service (SaaS) are two of the most used and misused terms in the industry. Celent describes where it is appropriate for financial institutions to take advantage of these offerings.
In this report, Cloud Computing and SaaS: Getting the Most Leverage, Celent lists the characteristics of areas where SaaS is most appropriate for financial institutions evaluating these areas on multiple criteria and scoring these areas for applicability to SaaS and the cloud. The top scoring application was collaboration software, followed by email.
SaaS is taking off in all sorts of areas. Core banking has been provided by service bureaus as a service (effectively SaaS) for years, and outsourcing email platforms, collaboration, and desktop software are newer areas where banks can receive better service at a lower cost.
“In many ways, SaaS on the cloud can offer superior service in areas such as archiving, disaster recovery, business continuity, and availability,” says Bart Narter, Senior Vice President of Celent’s Banking Group and author of the report. “Banks should take these factors into account when deciding whether to support certain functions in house.”
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Software as a Service (SaaS)
Some Example Uses of SaaS
The Values of SaaS
Concerns: Fact Vs. Fiction
Characteristics of Good SaaS Candidates
Size of Institution
Lack of Differentiation
High Availability Across Different Sites
Noncore Competency of IT Department
What Works for SaaS?
Example of Banks Using SaaS to Their Advantage
The Capital Bank
Fidelity Homestead Bank
National Capital Bank
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
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