Spotlight: Banking on a Cloud-Based Platform

  • by Gary Byrne, Managing Editor, Financials Expert and SCM Expert
  • October 12, 2012
In this SAPexperts interview, Leonard Schwartz, director of solution management, SAP Financial Services Network, at SAP, comments on the development of the SAP Financial Services Network and some issues related to cloud-based financial services.

Adoption of cloud-based computing has been slower in the United States market compared with other markets, such as Latin America and the Asia-Pacific region, according to a survey by Tata Consultancy Services. A key reason for the delay of US companies in investing in cloud-based computing is their reluctance to potentially put sensitive data at risk. According to Joe McKendrick’s article in Forbes, the “slower adoption of cloud within the US and Europe reflects a greater hesitancy within the US and Europe [which] remain conservative about putting mission-critical and customer data on the cloud.”

However, several banks, including Bank of America, Citi, DeutscheBank, Nordea, Royal Bank of Scotland, and others are actively co-innovating with SAP on a cloud-based services platform.  Sanjay Poonen, president and corporate officer, SAP, Technology and Innovation Products, refers to that effort in a press release as a “creative innovation in banking that can increase the velocity of information flow between banks and their corporate customers.”

To learn more about the platform, known as the SAP Financial Services Network, I interviewed Leonard Schwartz, director of solution management, SAP Financial Services Network, at SAP, about this cloud-based platform.

Gary Byrne

Gary is the managing editor of Financials Expert and SCM Expert. Before joining WIS in March 2011, Gary was an editor at Elsevier. In this role he managed the development of manuscripts for Elsevier’s imprint responsible for books on computer security. Gary also has held positions as a copy editor at Aberdeen Group, a Boston-based IT market research company, and as an editor at Internet.com, a publisher of content for the IT community. He also gleaned experience working as a copy editor for International Data Corp., a Framingham, MA-based IT market research company. He earned a bachelor of science degree in journalism from Suffolk University in Boston. He enjoys traveling, sailing as a passenger onboard schooners, and helping his wife, Valerie, with gardening during summer weekends. He’s a fan of all the Boston sports teams and once stood behind Robert Parish in a line at BayBank. He felt small and didn’t ask for an autograph. You can follow him on Twitter at @FI_SCM_Expert. His online footsteps can also be found in the SAP Experts group on LinkedIn.

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