Grid Computing: A Guide for Financial Services Firms

February 24, 2006

Abstract

New York, NY, USA February 24, 2006

Celent anticipates that financial services firms will increase spending on grid computing projects from just over US$100 million to nearly US$500 million between 2006 and 2010.

In the report, , Celent examines the grid computing market and provides a practical guide for financial services firms and insurers.

The report explains the differences between grid computing and similar technologies, and provides an easy-to-understand explanation of how grid computing works. Celent also addresses the practical uses for grid computing at financial services firms both now and in the future. Additionally, two case studies熔ne of a large insurer and another of a major bank様ook at two highly successful implementations of grids in financial services.

"Grid computing has finally hit the tipping point," said Chad Hersh, a senior analyst in Celent's insurance practice and author of the report. "The technology is fundamentally changing the ability of firms to model risks and perform other tasks that are computationally intensive, and is giving early adopters a significant competitive advantage."

While grid computing offers a clear value proposition for its intended uses, the report also explores the issues that have prevented grids from gaining more traction and provides valuable information on how these issues are being addressed. Celent also glimpses into the future of grid computing and estimates adoption rates for grid computing in financial services.

The 30-page report contains six figures.

A table of contents is available online.

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 a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

New York, NY, USA February 24, 2006

 

Executive Summary 3
Introduction 4
Grid Computing Versus Similar Technologies 5
Grid Computing Explained 9
Grids in Financial Services: Practical Uses Today & Tomorrow 12
Case Study: Wachovia 15
Case Study: The Hartford 19
Grid Issues 22
The Future Of Grid 24
Adoption Rates 26
Concluding Thoughts 28
Objectivity And Methodology  29

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