3 ms·

I don't know who you specifically work for but I've been to 2 different banking tech conferences in the past month. JPMorgan mentioned they have 13 (or was it 1

by eyberg 7y ago

I don't know who you specifically work for but I've been to 2 different banking tech conferences in the past month. JPMorgan mentioned they have 13 (or was it 16?) wholly owned datacenters. BoA's tech summit was just this past week in Palo Alto and they were highly negative of anything public cloud. For them it is an extremely rare thing for them to put anything in public cloud. A point they stressed throughout the summit is that the main thing they sell is 'trust' (eg: by holding people's money) and that is quite simply not something they are willing to delegate to others and that's the main driver for them but of course all the other things like cost, security, regulatory, and data gravity are drivers as well.

Terretta 7y ago
Since you cite JPMC, read this Sept 2019 interview with CEO Jamie Dimon: https://www.geekwire.com/2019/interview-jpmorgan-chase-ceo-jamie-dimon-ai-cloud-banks-big-bet-seattle-tech/ https://www.geekwire.com/2019/interview-jpmorgan-chase-ceo-j... “Jamie Dimon: The cloud and AI are real, huge, powerful and they’re going to change a lot for us. Of course, good companies are going to adapt to it in due course. They can’t just do it overnight, but it changes a lot more than just using the cloud — how you write your code, how you can do agile, it even changes how you organize your company. Managers start to think about using data in a far different way than they ever did before. It changes everything. It’s a huge opportunity.” ... “When cloud first got started, there was no reason to use someone else’s data center or their networks. You know, I wasn’t completely wrong, if I can run my data center as efficiently as a cloud guy, which fundamentally is true.” ”But here’s what I missed: the bursting part of the cloud. It reduces the peak capacity that we’ve got to keep in our own data centers, and you can burst excess workloads into the cloud. And it directly relates to AI. There’s just so much compute power in one split second that I simply can’t do in one of my data centers. So if you want to apply AI and these tools, and also the services that are built into some of these platforms [the cloud offers an advantage.]” // Disclaimer: I work at a global bank.

by eyberg 7y ago

Terretta 7y ago

Since you cite JPMC, read this Sept 2019 interview with CEO Jamie Dimon: https://www.geekwire.com/2019/interview-jpmorgan-chase-ceo-jamie-dimon-ai-cloud-banks-big-bet-seattle-tech/ https://www.geekwire.com/2019/interview-jpmorgan-chase-ceo-j... “Jamie Dimon: The cloud and AI are real, huge, powerful and they’re going to change a lot for us. Of course, good companies are going to adapt to it in due course. They can’t just do it overnight, but it changes a lot more than just using the cloud — how you write your code, how you can do agile, it even changes how you organize your company. Managers start to think about using data in a far different way than they ever did before. It changes everything. It’s a huge opportunity.” ... “When cloud first got started, there was no reason to use someone else’s data center or their networks. You know, I wasn’t completely wrong, if I can run my data center as efficiently as a cloud guy, which fundamentally is true.” ”But here’s what I missed: the bursting part of the cloud. It reduces the peak capacity that we’ve got to keep in our own data centers, and you can burst excess workloads into the cloud. And it directly relates to AI. There’s just so much compute power in one split second that I simply can’t do in one of my data centers. So if you want to apply AI and these tools, and also the services that are built into some of these platforms [the cloud offers an advantage.]” // Disclaimer: I work at a global bank.