Banks to increase HPC investment in 2009

6 January 2009

Platform Computing, the global leader in High Performance Computing (HPC) management software, today reveals key IT infrastructure trends in financial services for 2009: investment in HPC will grow, firms will look to increase utilisation of existing investments for increased risk analysis; virtualisation will be a key focus for 2009; and cloud computing and green IT will become more widely adopted in 2010.

Platform’s survey of senior IT executives at 35 leading financial services firms highlights that cost reduction (54%) and meeting the increased risk management need (23%) are the primary reasons for banks to invest in HPC solutions in 2009. This highlights how banks recognise the benefits of HPC to improve capacity/utilisation of existing assets and use of virtualisation, especially in the wake of the financial crisis. Interestingly, virtualisation is the ‘watch-word’ for banks in 2009 as it is considered the infrastructure priority by the majority of banks (54%) in 2009 compared to HPC (17%), cloud computing (14%) and SOA (12%).

With regards to cloud computing, the majority of respondents (51%) said they didn’t think that 2009 would be its year. Along with the 31% that didn’t know, the respondents cited 2010 as the year of cloud computing. What is preventing firms from adopting cloud computing is the fact it is at early stage adoption (29%) and also because it is still an ill-defined term (29%). Security (17%) was then cited as the next major barrier for adoption, especially as banks look to external clouds, and lack of management buy-in (9%).

Jim Mancuso, head of financial services business unit at Platform Computing, said: “With the changes happening across the financial services industry coupled with the many IT terms being thrown around, it is sometimes challenging to differentiate what is hype from the real infrastructure priorities of banks. Our delegate survey has helped to shed light on the fact that virtualisation is a key technology priority in 2009, cloud computing is still in its infancy but will become more widely adopted in 2010, and that HPC continues to grow from strength to strength as it optimises existing assets to support ‘more from less’ approaches to IT.”

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