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Nearly two in three financial services firms have started using artificial intelligence (AI) and look to utilise it across the full value chain in the next two years, says a report. A Capgemini report released on Friday highlighted that implementing cloud at scale is critical to harvest the full value of AI investments and the financial services firms have seen limited impact of AI due to low-scale adoption. "One-in-two banks and insurers have not moved their core business applications to the cloud," the report said. As many as 91 per cent of banks and insurance companies have now initiated their cloud journey, a significant increase from 2020, when only 37 per cent of firms had embarked on their cloud transformations. However, this high rate and its corresponding investment do not translate to effective cloud adoption at scale. More than 50 per cent of firms surveyed have only moved a minimal portion of their core business applications to the cloud, the report said. The value of
Amazon is rolling out an independent cloud for Europe as it looks to address strict regulations that companies and those in the public sector face in the European Union. Amazon Web Services said on Wednesday that its AWS European Sovereign Cloud, which will be located in and operate out of Europe, will have the same security, availability, and performance as existing AWS regions but will be separate from them. The cloud will let customers keep all metadata they create in the European Union and will have its own billing and usage metering systems. The AWS European Sovereign Cloud reinforces our commitment to offering AWS customers the most advanced set of sovereignty controls, privacy safeguards, and security features available in the cloud, Max Peterson, vice president of Sovereign Cloud at AWS, said in a written statement. Transatlantic data protection has been a growing concern since the European Union's top court struck down a data sharing agreement in 2020 known as Privacy ...
Concerns from regulators about the dominance of Amazon and Microsoft in Britain's cloud computing market have triggered a investigation into the competitiveness of the key industry. The UK communications regulator Ofcom said Thursday that its yearlong study of the cloud communications services market found features that could limit competition. British businesses face barriers when they try to switch or use multiple cloud suppliers, it said. Cloud computing uses data centres around the world to store photos and emails or run software. It has become a vital service for many businesses, which turn to cloud providers to avoid the cost of buying expensive equipment and real estate to run their own data centres. Ofcom asked the UK antitrust watchdog, the Competition and Markets Authority, to take a closer look at the 7.5 billion-pound ($9 billion) cloud market. The watchdog said it was opening an in-depth investigation that's expected to wrap up by April 2025. Some UK businesses have to
Digital file sharing and cloud storage service provider DigiBoxx on Wednesday announced the launch of a new data storage solution for corporates and individuals. Megh3 will provide customers with fast, simple, elastic storage solutions at their fingertips at attractive pricing, combining both simplicity and affordability, the domestic software as a service (SaaS) based digital storage platform said in a release. Megh3 will be available at Rs 1,299 per month for storing up to 1TB data, it said. Megh3 protects and retrieves data at any time from anywhere on any device, helping streamline workflows, unifying brand inventory across multiple touchpoints, allowing teams to function effectively and in sync, the company said. Arnab Mitra, CEO, DigiBoxx, said, "...we have put tremendous effort into adding new features, keeping in mind the myriad data storage requirements of customers. I am confident that Megh3 will be instrumental in bringing about organizational transformation as it afford