A cloud designed in part by a bank for banks could help alleviate security fears and quickly gain popularity among banks. In the course of designing the new cloud service, BofA will be able to provide insights on the kinds of features a major bank would find crucial in their cloud service. For example, even IBM employees with deep access to the cloud don't have access to the key that decrypts the encrypted data of a bank operating on BofA and IBM's cloud system.
If all goes according to plan, the end result could be a cloud that is highly alluring to banks, but the question that remains may be whether major banks that are already partially through implementing a cloud migration strategy with a different service or services can be convinced to switch to using the BofA-IBM cloud., Business Insider Intelligence's expert product suite tailored for today's decision-makers in the financial services industry, delivered to your inbox 6x a week.
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