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Leading European financial institutions have taken the initiative to establish the European Cloud User Coalition (ECUC).
European financial institutions establish European Cloud User Coalition (ECUC)
Cloud computing is a key strategic technology for the digital transformation of the European financial sector.
So far private clouds have been widely used, but public cloud solutions are becoming increasingly important due to their flexibility and scalability, as well as the high-quality security and resilience standards.
According to ECUC, cloud technology is at the heart of the fourth industrial revolution and has the power to drive transformation in every corner of Europe, helping businesses and organisations innovate, grow and compete on a global scale.
The impact of the cloud goes far beyond economics; cloud technologies have the potential to positively transform many aspects of our communities, societies and daily lives.
The cloud can drive significant progress in healthcare, transport, finance, government and education – all of which can open new opportunities and improve quality of life for citizens across Europe.
The European Commission has acknowledged the potential of the cloud as a “key enabler for growth, productivity and job creation, capable of generating benefits for citizens, businesses and public administrations.” Got right, cloud computing could contribute €450 billion of value added to EU GDP by 2020.
Besides winning new members ECUCs objective is to jointly agree on security standards and best practices for the use of cloud technology for European financial players.
On that basis the high European regulatory and data protection standards will be better enforced with non-European cloud providers as well. As a result, financial institutions will in the long term be more independent in their technology selection, thus strengthening competition.
Amongst others Allied Irish Banks, BAWAG Group, Belfius Bank, Commerzbank AG, Deutsche Börse AG, EFG Bank AG, Erste Group Bank, Euroclear, ING Groep N.V., KBC Bank NV, Swedbank AB and UniCredit S.p.A. have joined the ECUC to ensure and enable secure cloud applications for the European financial industry as a whole.
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