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Cloud Computing in South Korea's Financial Industry: Obstacles and Opportunity

Until recently, South Korea's financial industry use of cloud computing was lagging that of other countries. The industry now seems to be making up for lost time as interest in cloud computing has surged and the market continues to grow.

In a new report, Cloud Computing in South Korea's Financial Industry: Obstacles and Opportunity, Celent offers a penetrating analysis of the state of cloud computing at South Korea's domestic financial institutions. While these firms were comparatively slow out of the gate, taking a cautious approach to introducing cloud computing, adoption of virtual desktop infrastructure (VDI) has recently accelerated. This shift has been driven by financial firms looking for improvements in the following areas:

  • Enhanced security
  • Heightened efficiency of IT administration
  • Reduced long-term costs

"So far, South Korean financial institutions have primarily limited their use of cloud computing to VDI. They are beginning to awake to the possibilities of the cloud in other areas, but are still taking a cautious, if not passive approach to cloud solutions apart from VDI," says KyongSun Kong, Analyst with Celent's Asian Financial Services Group and author of the report. "There are a number of issues that must be overcome in order to pave the way for intensified use of cloud computing. Discussion and initiatives on the part of financial institutions, IT vendors, and regulatory authorities will prove important in surmounting these obstacles."

This report analyzes the proliferation of cloud computing in the domestic South Korean financial industry market. It identifies issues to be overcome to facilitate greater adoption of cloud computing and delves into factors that are driving adoption of cloud solutions and factors that could be used to drive growth of cloud computing in the nation's financial industry.