Susan Wright of Investment Underground interviewed me about the rapid increase in the adoption of cloud computing on Wall Street. Yes, it’s happening. It’s not surprising since financial firms have never been afraid of new technologies. What has also helped us is the fact that traditional software providers tend to be cloud-averse. As I said in the interview:
Our competitors are mostly on premise software providers, who charge insane amounts of money for software from 2 generations ago. Their products were not created for today’s interactive internet and social media world – in fact, it is very hard to modify them. If a user wants a report, you cannot just quickly generate it – you have to pay the vendor $15000 to $20000 in services fees to develop a report for you. There are very high implementation and support fees involved.
The other set of competitors we have are consultants that convince financial firms that their problem is very unique and no off-the-shelf product will fit their needs. They make tons of money reinventing the wheel at the customer’s expense.
However, it’s our value proposition that is compelling for these firms. To quote from the interview:
Our customers love our products because they’re out-of-the-box, based on a pay-as-you-go model and are fully supported by industry experts. They are very flexible, reporting is easy, and the products can be used from mobile devices. And, they are built on Salesforce, the cloud computing leader, so the customer data doesn’t sit on the servers of some local provider. It is as secure as it gets.
Even more importantly, cloud computing and multitenancy enables continuous improvement of the products. Customers get free upgrades as the products improve.
In addition, I think salesforce.com has done a fantastic job of eliminating most of the apprehensions around data security – they have made our job much easier.
To read the full interview, please click on the link below: