When you have the opportunity to ask some of the most interesting people in financial services and Fintech about where the industry is headed, sometimes the most fascinating insights are revealed. One-to-One with Geezeo is an ongoing series that gives our friends, clients, and partners an opportunity to share their experiences and their knowledge to gain an idea of where this exciting industry is heading. In this installment we talked with our Chief Information Technology Officer, James Elwood about cloud services in the banking industry.
Geezeo: How long has Geezeo been using Amazon Web Services and why did you choose that as Geezeo’s cloud service?
James: We’ve been on the Amazon Cloud since our early days in 2007. We elected the cloud computing because it provided a relative easy way to establish our operating platform. I wanted simplicity in accessing servers, building storage and databases and establishing a broad set of application services over the Internet. We needed to trade capital expense for variable expense.
We traded the building and supporting of data centers and servers, for the flexibility (and constraints) of only paying for how much we consume. This decision still holds true as Amazon Web Services (AWS) gives us the option of expanding capacity with remarkable ease. Scale and simplicity were two significant influences in our move to AWS.
Geezeo: What are some of the considerations a bank or credit union should make when deciding to move to the cloud?
James: First let me say that many of the largest financial institutions already are in the cloud and using AWS.