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Perspective: Compliance-Driven Industry Clouds in Financial Services

Perspective: Compliance-Driven Industry Clouds in Financial Services

This IDC Financial Insights Perspective discusses the importance of compliance-driven industry clouds in financial services. While 3rd Platform technologies (mobility, social business, Big Data/analytics, and cloud) are industry agnostic, IDC Financial Insights sees the continued emergence of "industry clouds," which are industry specific and are designed for financial industry–specific tasks and projects (e.g., investment analysis, transaction monitoring, compliance, and regulatory reporting).Industry clouds can provide shared IT services, turnkey solutions, a prepackaged offering, and elastic, scalable capacity accessible via the Internet. Technically, the applications, infrastructure, and data sets are designed to meet the needs of one or many industry-specific functions.In financial services, some of the industry clouds in our industry cloud directory are:Cyberthreat intelligence, trend analysis, and security updatesCheck image archives accessible from an aggregated data serviceStandardized data feeds from a "golden copy" of corporate actions Caller ID location and device types data for financial transaction authenticationsCredit scores and alternative credit scores to meet the needs of borrowers and firmsKnow-your-customer (KYC) and know-your-third-party risk management data services

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