This week we focus on cloud adoption in the Financial Services Industry.
Global study reveals investment banks welcome public cloud adoption for innovation first, not cost reductionGFT, the global IT consultancy for the financial services industry revealed in July the results of their global study into cloud adoption across the capital markets functions of over 32 tier 1 and tier 2 investment banks.
According to the cloud adoption survey:
- Cloud adoption is on the rise: investment banks are set to increase their use of public cloud by over 50 % within the next five years
- Main benefits agility and elasticity: 3/4 of investment banks are more excited by cloud computing's ability to introduce agility and resource elasticity into their businesses than its ability to simply deliver cost reductions (50% of respondents)
- Where to adopt it first: investment banks are most keen to introduce cloud in development / testing (67%), front office (55%) and risk (43%) departments
- Some concerns remain: 90% of respondents cite regulation their main concern for cloud adoption, followed by data protection (72%), and security (70%).
- New strategy and business model
- New customer centric operating model
- Openness to partnerships or operating as part of a wider ecosystem of providers
- Data management
- Technology platform
- Cybersecurity and risk management
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Cloud computing is on the rise in the financial services - are you ready?
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- Lowered costs
- Scalability and agility
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