Contributor: Michael Stoeckert

Software-as-a-service (SaaS), also known as “on-demand software,” is a delivery model in which software and its associated data are hosted centrally, typically in the cloud. Users normally access this software by using a web browser over the Internet. The financial services industry’s extensive use of SaaS programs has provided a significant foundation for migration to cloud-based platforms. Many of the processing, storage and security tools that a financial services organization requires to run its business are now available through cloud-based applications. In fact, the cloud is expected to dominate technology growth for the next 20 years. Cloud-computing technology is expected to increase at five times the rate of traditional information technology (IT), while representing only 12% of total IT product spending by 2014.... read more