An Empirical Analysis of Cloud, Mobile, Social and Green Computing

Financial Seivices IT Stiategy anu Enteipiise Aichitectuie

Asif Qumer Gill
Discipline of Business Information Systems
University of Sydney
Sydney, Australia
asif.qumer@sydney.edu.au
Deborah Bunker
Discipline of Business Information Systems
University of Sydney
Sydney, Australia
deborah.bunker@sydney.edu.au
Philip Seltsikas
Discipline of Business Information Systems
University of Sydney
Sydney, Australia
philip.seltsikas@sydney.edu.au

Abstract Financial services organisations have shown a
significant interest in the adoption of emerging cloud,
mobile, social networks and green computing environments
for managing the needs of their complex business processes
and systems. How will these emerging technologies affect
and be embraced by financial services organizations in
practice? This paper presents empirical exploratory
research on the applicability of emerging cloud, mobile,
social and green technologies in these organizations. We
investigate how these emerging technologies will affect the
IT strategy and enterprise architecture of the financial
services organisations by analyzing recent interviews of
fifteen senior technology executives and CIOs from this
sector. The outcomes of this study suggest that the sector
perceives these emerging technologies both as a
challenge and opportunity for their businesses. In
order to meet their business objectives they do,
however, require a phased, systematic, people-
oriented, business -focused and low risk approach that
combines both business and technology impacts to the
assessment, selection, consolidation and adoption of
these technologies for specific business services
without putting their customers information at risk.
Keywords-cloud computing, mobile banking, social
netwroks, greent IT, IT strategy, enterprise architecture,
financial services technologies
I. INTRODUCTION
Financial services organizations operate in a complex,
fast-paced and highly regulated environment where
technology is not a support function, rather it is a core
component of their strategy and enterprise architecture
[1,2]. This is because these organizations require the
support of sound, sophisticated and transparent financial
services technology (FST) for their day-to-day business
operations, management and governance (e.g. [3]). FST
plays an important role in the growth and improvement of
services offered by organizations in this sector e.g. online
banking, ATMs, EFTPOS [4]. The current influx of new
technologies and trends such as cloud [5, 6] , mobile [7, 8],
social [9, 10] and green computing [11, 12] provide both
opportunities and challenges to financial services
organisations in making decisions about the adoption of
these new technologies for their competitive advantage [5,
10, 13] . IT executives must tradeoff the cost savings,
flexibility and scalability of these technologies with their
readiness, technology investments, security and data
confidentially issues when adopting new technology [14].
This paper investigates and presents exploratory
research on the emerging cloud, mobile, social and green
technologies in the context of financial services
organizations IT strategy and enterprise architecture. The
purpose of this research paper is to investigate, analyze,
and integrate the information sourced from a number of
financial services organizations Heads and CIOs
interviews to understand their FST requirements for their
IT strategy and enterprise architecture [15] .We then use
these requirements as the basis of empirical proposed
framework to assist in the adoption of these emerging
technologies. The aim of the framework is to facilitate
organisations understanding so that they are able to make
informed decisions about the adoption of these emerging
technologies. We also use this research to understand
future directions and trends in this important and emerging
area of research i.e. the future of financial services IT
strategy and enterprise architectures.
This paper is organized as follows: section II provides
an overview of cloud, mobile, social and green computing
and identifies key research questions. Section III defines
the research methodology and explains the data set that
was analysed. Sections IV-VII presents the analysis of the
Financial Services Heads and CIOs interviews by using a
qualitative data content analysis approach [16]. Section
VIII compares and discusses the key findings. Finally, we
2011 Ninth IEEE International Conference on Dependable, Autonomic and Secure Computing
978-0-7695-4612-4/11 $26.00 2011 IEEE
DOI 10.1109/DASC.2011.122
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2011 Ninth IEEE International Conference on Dependable, Autonomic and Secure Computing
978-0-7695-4612-4/11 $26.00 2011 IEEE
DOI 10.1109/DASC.2011.122
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2011 IEEE Ninth International Conference on Dependable, Autonomic and Secure Computing
978-0-7695-4612-4/11 $26.00 2011 IEEE
DOI 10.1109/DASC.2011.122
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2011 IEEE Ninth International Conference on Dependable, Autonomic and Secure Computing
978-0-7695-4612-4/11 $26.00 2011 IEEE
DOI 10.1109/DASC.2011.122
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conclude with a short discussion about how the findings of
this study can be further used in our current research in
Section IX.
II. EMERGING TECHNOLOGIES
This section discusses the emerging technologies such
cloud, mobile, social and green computing and identifies a
set of questions that are the basis for reporting our
empirical findings within the context of this study.
Firstly, cloud is a virtualized and distributed computing
environment that offers a number of services (e.g. software
as a services, platform as a services and infrastructure as a
service) and deployment models (e.g. public, private,
community, hybrid) to organizations for managing their
complex enterprise architecture over the internet or an
intranet [17, 18] . Within this study we seek how the
financial services industry is embracing or intending to use
virtualization and cloud computing.
Secondly, mobile technology use is not just about
making voice calls but it also enables organizations to
connect to their customers by making available business
processes and applications on mobile devices or smart
phones [15]. Our second area of interest is therefore, how
the financial services industry is embracing or intending to
use mobile technology for their competitive advantage.
Thirdly, social networks are not just about sharing the
personal information, photos and videos online but they
also enable organizations to interact and collaborate with
their customers, resolve issues, distribute and advertise
business information [19]. Our third area of interest is how
the financial services industry is embracing or intending to
integrate social networks into their enterprise architectures.
Finally, green computing is the study and practice of
designing, manufacturing, using, and disposing of
computers, servers, and associated subsystems-such as
monitors, printers, storage devices, and networking and
communication systems - efficiently and effectively with
minimal or no impact on the environment [20]. Our final
area of interest is how the financial services industry is
embracing or intending to adopt green computing practices
for their commercial benefits.
The current influx of these emerging technologies (e.g.
cloud, mobile, social and green) provides both
opportunities and challenges to financial services
organisations [5, 10, 13] . Based on our four areas of
interest, the following questions have been used as a lens
to analyze the recent Financial Services organizations
Technology Heads and CIOs interviews
1
in order to
determine the trends and applicability of these emerging
technologies.

1. What is the potential and level of virtualization
and cloud computing diffusion in the financial
services industry?

1
[published during the February 2011 and May 2011 by the FST
media

http://www.fst.net.au - please see the Appendix A for list of
interviews that have been analyzed for this research paper; raw data
analysis can also be provided to reviewers of this paper on request]
2. What are the key indicators that can be used to
assess the readiness to adopt a cloud computing
environment?
3. How are these organisations embracing mobile
technology for the delivery of financial services to
their customers?
4. How do they perceive use of social networking
technologies as an evolving commercial channel
in the financial services industry?
5. How do they perceive green IT as an emerging
commercial trend in the financial services
industry?
III. DATA COLLECTION AND ANALYSIS METHOD
This research has been conducted by analysing the
recent interviews (15) of Financial Services organizations
Heads and CIOs, which were published during the
February 2011 May 2011 in FST media (please see
footnote 1). In order to analyse these interviews, we
applied a four-step qualitative data analysis process
outlined by Rene and Taylor-Powell [16] (see Table I).
TABLE I. DATA COLLECTION AND ANALYSIS PROCESS (RENE
AND TAYLOR-POWELL [16])
Ref. Steps Description
1 Collect and
understand the
interview data
Identified the key questions (see Section II)
Obtained interview transcripts
Read each interview
Segmented each interview in a set of
statements and then grouped those
statements for the purpose of further analysis
against the identified key questions
2 Categorise the data Read the segmented interviews at step 1 and
extracted the concepts and knowledge
embedded in the interview data to answer
the identified questions.
Identified the key categories based on the
extracted concepts and knowledge
Labeled the identified categories
3 Identify relation
within and between
data categories
Identified sub-categories
Labeled the identified sub-categories
Identified the relationships among categories
4 Interpret the data Interpreted the categorised data and their
relationships
Identified key points and lessons learnt
Outlined findings
IV. VIRTULIZATION AND CLOUD COMPUTING
The first two questions were used to analyze and report
the current trends and applicability of virtualisation and
cloud computing in financial services industry from a
practitioner perspective. The interviewees responses were
analyzed and the key findings coded and grouped into nine
main categories along with their related fifty sub-
categories, which are summarized in Table II.
TABLE II. VIRTUALIZATION AND CLOUD COMPUTING
Ref. Categories Sub-Categories
A Understanding
(UN)
IT Services Sourcing
IT Services Consumption
Cloud a Logical child of Virtualization
699 699 699 698
Ref. Categories Sub-Categories
B (i) Motivators (MO) Efficiency
Scalability
Control on Sensitive Data Private Cloud
Data Centre Efficiencies Public Cloud
Future Downsize of Internal Data Centre
Public Cloud
B (ii) De-motivators
(DM)
Lack of Maturity
Present Additional Risk
Customer Information Regulatory
Compliance
Local Banking and Financial Institutions
Act Hurdles
Comingling
C Adoption (AD) Contextual Less Risk Adoption
Not for Customer Information
Not for Highly Sensitive Information
Never Put Clients at Risk
Track and Align Business Advantage
Maximize Benefits
People-Focused Adoption
Clarify Adoption Requirements
Phased Approach to Adoption
Internalize Private Cloud Computing
Progressively migrate to Public or
Community Cloud
Desktop Virtualization with More
Aggressive Plans
Virtualization is Easier to Adopt than Cloud
Virtualization of Development Environment
Virtualization of Testing Environment
Opportunity for Private Cloud
Not Ready to use External Cloud Services
Require Cautious Adoption Model
D Piloting (PI)

Private Cloud
Proven Productivity
Collaboration
Staff Engagement
Positive Employee Reaction
SaaS and IaaS (Development Environment),
Understanding of the opportunity as well as
the current limitations
E Assessment (AS) Require Necessary Evaluation Process
(Privacy, Risk, Security and Regulatory
Compliance)
Review Cloud Solutions
Current Level of Virtualization
F Selection (SL) Selective Adoption
Selective Data
Selective Services
Data Confidentiality
Data Security
Data Backups
G Consolidation
(CO)
Consolidate Back Office Systems
Consolidate Operating System
H Level (LV) Unknown Adoption Level

The nine main categories (in Table II) that were
identified included: (A) Understanding, (B (i)) Motivators,
(B (ii)) De-motivators, (C) Adoption, (D) Piloting, (E)
Assessment, (F) Selection, (G) Consolidation and (H)
Level.
A. Understanding
This category highlights the understanding of
virtualisation and cloud computing environments by the
financial institutions technology heads. They perceive
virtualisation and cloud computing as a way to source and
consume IT services (e.g. applications, storage, and
infrastructure) where a cloud is one type of
implementation of virtualization.
B. Motivators and De-motivators
These categories identify the key motivators and de-
motivators that may support or hinder the adoption of
virtualisation and the cloud. The identified motivators of
virtual and cloud adoptions are: efficiency, scalability,
control on sensitive data private cloud, data centre
efficiencies public cloud and future downsizing of
internal data centers. The identified de-motivators of
virtual and cloud adoptions are: lack of maturity, present
additional risk, customer information regulatory
compliance, local banking and financial institutions act
hurdles, and comingling of data and applications in multi-
tenant public cloud environments.
C. Adoption
This category identifies a large number of key
considerations from the financial institutions technology
heads perspectives, which should be taken into account
when adopting virtualisation and cloud environment.
Firstly, it has been observed (please see Table II) that
their focus is on situational, low risk, people-focused and
business-oriented adoption strategies. They seem not to
adopt virtualization and cloud technologies for customer
and highly sensitive information at this stage. One of the
interviewees (INT-02 i.e. interview number 02) suggested
that track all of these technologies but use them only
where we see clear business advantages and technology
is only ever as good as the people behind it. This seems
to suggest that it not so much about the technology itself
rather it is more about people and they way they accept
and use it for their business advantage.
Secondly, they stress the need to clarify the adoption
requirements, outline a phased approach to adoption,
internalize private cloud computing, progressively migrate
to public or community cloud and move to desktop
virtualization with more aggressive plans. They perceive
that virtualization is easier to adopt than cloud
technologies; and they seem to adopt virtualization for
their development and testing environment while
embracing the opportunity for a private cloud deployment
behind the firewall of their organisations. Finally, based
on the data analysis (please see Table II), it can be
suggested that they seem not to ready to adopt external
cloud services (such as public cloud), and require a
cautious virtualization and cloud adoption model.
D. Piloting
This category highlights as opposed to having a big
bang approach industry is more keen to pilot the virtual
and cloud environment. At this stage, they seem to suggest
the need for piloting the private cloud for establishing
SaaS and IaaS environments in order to understand the
productivity, collaboration, staff engagement, positive or
700 700 700 699
negative employee reactions and also to understand the
opportunities as well as the current limitations.
E. Assessment
This category identifies a number of key
considerations which should be taken into account when
assessing virtualisation and cloud environments for
adoption. These are: necessary evaluation processes
(privacy, risk, security and regulatory compliance),
reviewing of cloud solutions and current levels of
organizations virtualization.
F. Selection
This category identifies a number of key
considerations when selecting enterprise architecture items
(e.g. processes or services, servers) for deploying in a
virtual and cloud environment. These are: selective
adoption (e.g. selection of virtual and cloud technologies),
selective data (e.g. selection datasets that can be hosted in
virtual and cloud environment), selective services (e.g.
selection of business services suitable to migrate to virtual
and cloud environment), data confidentiality, data security,
and data backups. It seems that everything (data, business
or software service) cannot be moved to virtual or cloud
environments due to inherent financial data confidentiality
and security issues and there should be a filtering or
selection process.
G. Consolidation
This identifies, that prior to proceeding with the
selection and adoption of virtual and cloud environments,
there is a need to streamline or consolidate existing back
office systems (e.g. processes, services, storage, and
infrastructure) and operating systems environments. In
addition to assessment and selection of virtual and cloud
technologies, it is important to streamline the components
of existing enterprise architecture (e.g. business processes,
services, platforms and infrastructure) to support the
successful and smooth transition to virtual and cloud
environment.
H. Level
This category identifies, that prior and after the selection
and adoption of virtual and cloud environments there is a
need for the establishment and use of a method to measure
the current adoption level (e.g. virtualization level) and
target adoption level, which is unknown at this stage and
could be a possible area of further research.
I. Summary
Here, it is clear from above analysis that the financial
industry perceives virtualisation and cloud as an
opportunity that requires a phased-wise systematic, low
risk, people-focused and business oriented approach to the
assessment, adoption and selection of virtual and cloud
computing environments without putting their customers
information at risk.
V. MOBILE COMPUTING
The third question has been used to analyze and report
the current trends and applicability of mobile computing
in financial services industry from practitioners
perspectives. The interviewees responses were analyzed
and the key findings have been coded and grouped into
four final main categories along with their related twenty-
five sub-categories, which are summarized in Table III.
TABLE III. MOBILE COMPUTING
Ref. Categories SubCategories
A Understanding (UN) Smartphones
iPhones
iPads
Tablets
B Motivators (MO) Global Transaction
Traditional Credit Cards Redundant
Reduce Fraud
Enhancing Customer Convenience
Enhancing Customer Experience
End Users Accessibility to Different
Sets of Data Viewing
C Adoption (AD) Mobile Electronic Data Capture (EDC)
Mobile-enabled Value Chain
Mobile Payment
Money Management
Mobile Cards
D Assessment (AS) Evaluation for Mobile Adoption
Ensure Regulatory Compliance
Adhere to Security Obligations
Product Coverage
Online Security
On-demand Anti-Malware Software
Availability
Functional Richness
Authentication
Encryption

The four main categories (Table III) that were
identified by this study which included: (A)
Understanding, (B) Motivators, (C Adoption and (D)
Assessment.
A. Understanding
This category highlights a perception that mobile
computing is a way to use and access financial services
(e.g. check account balance, make payments) through
mobile devices such as Smartphones, iPhones, iPads and
Tablets.
B. Motivators
This category identifies the key motivators that may
support the adoption of mobile banking which are: making
global transaction, making traditional credit cards
redundant, reducing fraud, enhancing customer
convenience, enhancing customer experience, and
enabling end users accessibility to different sets of data
viewing through their mobile devices. Surprisingly, there
are no de-motivators and practitioners are less concerned
about the de-motivators that may hinder the adoption of
mobile banking.
701 701 701 700
C. Adoption
The category C (Table III) identifies a number of key
considerations from the financial institutions technology
heads perspectives, which should be taken into account
when adopting mobile computing for banking. It has been
observed (please see Table III) that their current focus is
on mobile electronic data capture, mobile-enabled value
chain, mobile payments, money management and mobile
credit cards.
D. Assessment
The category D (Table III) identifies a number of key
considerations from the financial institutions technology
heads perspectives, which should be taken into account
when assessing mobile computing for adoption. These are:
evaluation of suitable mobile technology , ensure
regulatory compliance, adhere to security obligations,
product coverage, online security, on-demand anti-
malware software, availability, functional richness,
authentication and encryption.
E. Summary
Here, it is clear from above analysis that financial
industry perceives mobile banking as an opportunity;
however, they are greatly concerns about the regulatory
compliance and security issues attached to the mobile
devices, software application and data running on the
mobile. However, similar to virtualisation and cloud
computing they require a formal assessment and adoption
process prior to proceed with the adoption of mobile
banking.
VI. SOCIAL COMPUTING
The fourth question has been used to analyze and
report the current trends and applicability of social
computing or networks in financial services industry from
practitioners perspectives. The interviewees responses
have been analyzed and the key findings through the
qualitative analysis have been coded and grouped into
three final main categories along with their related nine
sub-categories, which are summarized in Table IV.
TABLE IV. SOCIAL COMPUTING
Ref. Categories SubCategories
A Understanding (UN) Mass Collaboration
B Motivators (MO) Understand Customer
Wider Customer Engagement
Superior Customer Experience
Enhanced Communications
Greater Transparency
Co-creation
C Adoption (AD) Proceed with Great Caution
Customer and Planner Interactions

The three main categories (Table IV) that were
identified by this study which included: (A)
Understanding, (B) Motivators and (C) Adoption.
A. Understanding
The category A (Table IV) highlights the
understanding of social computing by the financial
institutions technology heads. They perceive social
computing is an ability to establish mass collaboration
(e.g. collaboration between customer and business) and
source customer related information through social
networks such as facebook, twitter and yammer. One of
the interviewees (INT-12 i.e. interview number 12)
suggested that social media will cover every aspect of
banking including marketing, sales and customer
engagement.
B. Motivators
The category B (Table IV) identifies the key
motivators that may support the adoption of social
computing. The identified motivators of social computing
are: better understand customer, wider customer
engagement, superior customer experience, enhanced
communications, greater transparency and co-creation
(e.g. creation of products and policies based on customer
informal and formal views posted in the social network
community) by the active involvement of customers.
Surprisingly, they do not mention de-motivators and they
seem less concern about the de-motivators that may hinder
the adoption of social computing for banking.
C. Adoption
The category C (Table IV) identifies two key
considerations from the financial institutions technology
heads perspectives, which should be taken into account
when adopting social computing for banking. Firstly, they
need to proceed with great caution because investment in
the social networks could be a waste or real source of
customer information. Secondly, it seems that they see
customer and planner interactions (e.g. financial planners)
happening in the social networks for new or existing
banking products.
D. Summary
Here, it is clear from above analysis that financial
industry is interested to source customer related
information from social networks for innovation and
business intelligence; however, they need to proceed with
caution if they are to gain the real benefits out of social
computing. They require a formal investigation into social
networks (e.g. how to use facebook and twitter for
business advantage?) prior to proceed with the adoption
and integration to their existing front office processes or
systems (e.g. CRM) to generate revenue.
VII. GREEN COMPUTING
The fifth question has been used to analyze and report
the current trends and applicability of green computing or
in financial services industry from practitioners
perspectives. The interviewees responses have been
analyzed and the key findings through the qualitative
analysis have been coded and grouped into three final
702 702 702 701
main categories along with their related ten sub-categories,
which are summarized in Table V.
TABLE V. GREEN COMPUTING
Ref. Categories SubCategories
A Understanding
(US)
Not a Symbolic Element
Material Advantages
B Motivators (MO) Lowering Electricity Costs
C Adoption (AD) Organization-wide Habit Changes
Front and Back Printing by Default,
Reminding People to Switch off
Monitors
Video Conferencing instead of Face-to-
face Meetings
Require Technology to Highlight
Benefits
Require Technology to Highlight Cost
Impact

The three main categories (Table V), similar to social
computing, that were identified by this study include: (A)
Understanding, (B) Motivators and (C) Adoption.
A. Understanding and Motivators
The categories A and B (Table V) highlight the
understanding and motivator of green computing adoption
by the financial institutions technology heads. They
perceive green computing is not a symbolic element and
has real material advantages for establishing a resource
efficient and sustainable environment by mainly lowering
electricity cost. They do not mention any de-motivators
and seem less concern about the de-motivators that may
hinder the adoption of green computing for banking.
B. Adoption
The category C (Table V) identifies a number of key
considerations from the financial institutions technology
heads perspectives, which should be taken into account
when adopting green computing for banking. These are:
organization-wide awareness and habit changes, front and
back printing by default, reminding people to switch off
monitors, video conferencing instead of face-to-face
meetings, require technology to highlight benefits and cost
impact analysis of green computing.
C. Summary
Here, it is clear from the analysis that they do believe
and understand the impact of green IT and they perceive
that it is not just symbolic but it has real material
advantages (e.g. sustainable environment, monetary
benefits in terms of lower electricity costs). However, they
require technology or metering service to track and
measure the real cost and benefits of green computing
adoption. One of the anonymous reviewers of this paper
also suggested including other factors such as "Legal
Requirements", "Social Responsibility" and "Public
Perception in the context of green IT adoption motivators.
VIII. DISCUSSION
This section presents the overall summary and
comparative analysis of the main identified categories in
Table VI. The X symbol in the box means the identified
category has not been mentioned in the interview data for
the particular technology (e.g. cloud, mobile). It can be
observed from Table VI that financial services industry
leadership is more cautious about the adoption of
virtualization and cloud as compared to mobile, social and
green computing. For instance, in the case of virtualization
and cloud computing, these executives and senior
managers want an explicit formal process or categories of
de-motivators, piloting, selections, consolidation and level
in contrast to mobile, social and green computing (please
observe the X sign in the boxes that presents the absence
of particular category). This may be due the fact that
moving to a virtual or cloud environment (e.g. public,
private, and hybrid) would be a fundamental shift or
change in their existing enterprise architecture, the way
they use technology, their employees work and the way
the financial services organizations operate as a whole
(e.g. [13]). Based on this empirical analysis and review of
these emerging technologies, it can be suggested that there
is a need of a structured and contextual framework to
assist financial organisations in the systematic assessment
and integration of these emerging technologies to their
existing local and collaborative inter-organization
environment.
TABLE VI. COMPARATIVE ANALYSIS
Virtualization
and Cloud
Computing
Mobile
Computing
Social
Computing
Green
Computing
Understanding
(UN)
Understanding
(UN)
Understanding
(UN)
Understanding
(UN)
Motivators
(MO)
Motivators
(MO)
Motivators
(MO)
Motivators
(MO)
De-motivators
(DM)
X X X
Adoption (AD) Adoption (AD) Adoption (AD) Adoption (AD)
Piloting (PI) X X X
Assessment
(AS)
Assessment
(AS)
X X
Selection (SL) X X X
Consolidation
(CO)
X X X
Level (LV) X X X

Further to above analysis, Figure 1 summarizes the
analysis and findings of this empirical research from both
technology and business perspectives.
Technology aspect represents the integrated view of
emerging virtual, cloud, mobile, social and green
computing or technologies. Virtual and cloud computing
environments can provide cloud deployment model (e.g.
private, public, hybrid cloud) and cloud services such as
platform as a service and infrastructure as a service
(e.g. Open Cloud Manifesto [21]) to develop and deploy
(please see Figure 1):
703 703 703 702
Mobile and social software as a service (mobile
computingmobile banking; social
computing collaboration tools)
Infrastructure as a service (green
computingsustainable environment).
Business aspect represents organisations (e.g. banks)
that may offer financial or banking services to their
customers through mobile banking (e.g. mobile payments).
Mobile banking applications can be supported by mobile
computing or technology (e.g. 3G, mobile wallet, and
mobile payments). Organisations may collaborate (e.g.
financial advisers interacting with policy holders via social
media channels) with their customers through social media
supported by social computing or technologies (e.g. Web
2.0 tools such as facebook, twitter, yammer). These mobile
and social media applications can be deployed on the
virtual and cloud computing platform as a software
service. Finally, organisations may adopt virtual and cloud
environment (e.g. consolidate data centers, save on
electricity on cooling) to support green computing
practices for establishing a sustainable environment.


Figure 1. Integrated view of cloud, mobile, social and green computing
Further, based on the analysis in this paper, we
identified the following four main processes, which are a
first step and future direction toward the development of a
structured and comprehensive framework to assist in the
integrated contextual adoption and improvement of virtual,
cloud, mobile, social and green computing environment by
financial services organizations.

(1) Context-awareness: understand emerging
technologies and local organizational
environment (e.g. context awareness)
(2) Assessment: assess these technologies and
organizational readiness to adopt these
technologies, assess current and target
virtualization level
(3) Selection: select business services or
requirements that can be supported by these
technologies; identify motivators and de-
motivators of adoption or de-adoption of these
technologies
(4) Adoption and Improvement: consolidate
existing legacy environment to support the
iterative transition to these technologies, pilot in
one business area to understand the technology,
its productivity gain, and opportunity for further
improvement, risks and limitations
IX. CONCLUSION
This paper presented an empirical analysis of the
emerging cloud, mobile, social and green computing
trends and applicability in the financial services industry.
It is clear that financial services organisations are
interested in the adoption of these emerging technologies.
However, they require an iterative, systematic, people-
oriented, business-focused and low risk approach to the
context-awareness, assessment, selection, adoption and
improvement of these technologies for specific business
services without putting their customers information at
risk. This analysis is a first step towards the development
of a structured framework to assist financial services
organizations in the systematic adoption and improvement
of cloud and integrated mobile, social and green
technologies. In future, we intend to extend this analysis
and study, and develop a comprehensive context-aware
cloud and integrated technologies adoption framework.
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APPENDIX A.
This is a list of interviews (source: http://www.fst.net.au/)
that have been analyzed for the this empirical study.
Group Chief Technology Officer, ICICI Bank
FST Media, 16 May 2011 Interview # 1
Chief Information Officer - Consumer, Standard Chartered
Bank
FST Media, 10 May 2011 - Interview # 2
Head, Group Information & Operations, CIMB Group
FST Media, 03 May 2011 Interview # 3
Chief Information Officer, Bank Danamon Indonesia
FST Media, 27 Apr 2011 interview # 4
Chief Operating Officer, Asia Pacific General Insurance,
Zurich Financial Services
FST Media, 19 Apr 2011 Interview # 5
Managing Director, Head of IT Infrastructure, Asia Pacific,
UBS AG, Hong Kong
FST Media, 12 Apr 2011 interview #6
Head of Information Technology, RHB Banking Group
FST Media, 05 Apr 2011 interview #7
Chief Information Officer, Singapore Exchange (SGX)
FST Media, 31 Mar 2011 interview #8
Chief Information Officer, Global Technology Capital
Markets, Asia Pacific, Deutsche Bank
FST Media, 22 Mar 2011 interview # 9
Managing Director, Head of Global Information Technology
Division, Bank of China International (BOCI)
FST Media, 15 Mar 2011 interview # 10
Vice President, IT Change Delivery, ING Vysya Bank
FST Media, 07 Mar 2011, interview # 11
Chief Information Officer, YES BANK
FST Media, 01 Mar 2011 interview # 12
Head of Equities IT, Asia Pacific, Technology, Barclays
Capital
FST Media, 24 Feb 2011 interview #13
Director Regional Data Centre Asia Pacific, Barclays
Capital
FST Media, 01 Feb 2011 interview # 14
Chief Information Officer, AMP
FST Media, 16 May 2011 interview # 15



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