The financial services industry could have a game changer in cloud computing, according to cloud expert Rick Blaisdell writing for CloudTweaks. In a post for CloudTweaks, he said the time and cost efficiency of the technology makes the cloud an emerging solution for the financial services industry.

"For the highly regulated financial services industry to adopt and implement cloud computing solutions with confidence there are two important aspects to be clarified, besides being more transparent in their security measures," Blaisdell said. "They must build a regulatory guidance associated with cloud technologies and thoroughly see the implied changes in risk management."

He said the cloud has many benefits for the financial services industry, including resource management, reduction of IT costs, disaster recovery options and centralizing sharing making things easier for employees. It also gives companies the ability to go green and be environmentally friendly by saving on paper and other office supplies.

Peter Redshaw, managing vice president at Gartner, told eWeek that cloud computing in the financial services industry should be innovative. He said the industry is set to go mainstream into the cloud in the next few years.