As they migrate to cloud-based data systems, banks could reach another level of abstraction from most of us. Money has already become less tangible, as cash and bank branches gradually disappear. Computers and the internet have speeded up capital flows, bringing greater volatility in markets and making it harder to keep track of money laundering. Regulators are already struggling to keep up.
But the benefits of the cloud are irresistible. Some big banks are moving important chunks of their business onto internet-based data systems developed in-house – so-called private clouds.
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