"So we will start with that and we will keep an eye on all the other stuff. We are still forging relationships, we are still seeing what works what doesn't work. That is the stuff we think adds most value in the near term, so we will get on with that first and then see what comes later."
Generally, though, he sees that more and more of the bank's technology will be running in the cloud in future. "We are definitely accelerating," he says. "I think if you have been watching HSBC for the past couple of years you will have seen that, so we probably wouldn't have been having this conversation a year ago about our adoption of cloud.
"I see that our peers are probably in a similar position to what we are, in that they have partly in the past been driven by cost, and the cloud has often been seen as a cost play. I think the cloud can be a cost play, but it is not the most compelling reason to move.
"We are moving for capability - what we are accessing is a big data and analytics capability and some of that capability you can only really realistically have on the cloud. So I think if other banks want that capability then they are going to have to accelerate their appetites."
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