Google: A new kid in the cloud?
Tom Grey, Head of Cloud Solutions Architecture EMEA at Google discussed their recent entry into the commercial cloud services market, what that means for the corporate sector in a world dominated by Amazon with AWS and Microsoft with Azzure, and what this means for fintech.
The idea of having one central infrastructure has become mainstream over the last five years. It therefore made business sense that Google, as one of the world’s largest providers of hosted services, shared the economies of scale these bring, to the benefit of the business community at large. Tom explained that the new offering is driving a whole new economy of scale for the business; not just their own buying power, but also that of businesses like Spotify and the big banks.
Challenge the status quo to succeed
Both these advances have profound implications not only for the fintech sector but also for the financial services and technology sectors at large. Businesses in the sector need to challenge the norm, looking for more agile business models to succeed and drive the future of the industry.
Tony Xhufi says: "those who take the time to understand how ICOs work stand to gain the greatest reward". While the big numbers can make ICOs seem like an attractive option for those who want to make money through cryptocurrency, he warns that the market is extremely volatile and unregulated. As such it should be approached with extreme caution. “Before starting an ICO, investors and business owners should step back and ask: does this project really need a blockchain? If the answer is no, then don’t do it or invest in it,” says Tony.
Tom Grey challenged the lack of flexibility and portability in the cloud services market. Could cloud providers enable cloud-switching, like bank switching to move large amounts of confidential data from one server to another quickly and easily with no interruption to service? While Tom was confident to support a service like this, he noted that it could only work if businesses demanded a cross-industry solution.
Continued innovation is needed to keep our capital thriving through the tricky economic climate ahead. From demystifying the ICO process, to sharing the knowledge and skills from the tech industry’s biggest players, it is clear there are a wealth of opportunities that will continue to drive the sector to greater heights and challenge the status quo.
For more information about how fintech is fundamental to shaping a vibrant economy, please contact Andy Morgan.