Cloud adoption in financial services is evolving rapidly. A Refinitiv survey of c-suite respondents and Heads of Market Data highlights the trends behind the take-up of cloud technology, including the opportunities for cost efficiencies and greater agility.
- The Refinitiv Public Cloud Investment Barometer finds that the proportion of IT budgets committed to public cloud services is up to 41 percent from 34 percent in 2018.
- The majority of respondents say their cloud projects have delivered better-than-expected cost efficiencies, with the rest saying the results are in line with hopes.
- As cloud adoption in financial services evolves, companies are also seeing benefits relating to greater agility, resilience and innovation.
A global Refinitiv survey conducted among 300 senior executives and Heads of Market Data has found no let-up in the enthusiasm being shown for public cloud adoption in financial services.
Among the key findings, the Refinitiv Public Cloud Investment Barometer reveals that the proportion of IT budgets being committed to public cloud services and tools has risen to 41 percent from 34 percent in 2018.
As cloud adoption in financial servces evolves, companies are finding that the benefits are not just about cost efficiencies but also to do with resilience, agility and innovation.
Cloud adoption in financial services
Financial services firms identify several commercial reasons for embracing cloud adoption.
This reflects the fact that cloud providers are responding to the regulatory pressures facing financial services firms, as well as to the concerns they have about data residency requirements.
One of the headline findings from this year’s report is that three-quarters of respondents said their cloud projects were delivering better cost reductions than they could have hoped for, with the rest saying the results were in line with expectations.
It’s clear that firms have taken the plunge when it comes to the public cloud and have been rewarded. There is also no sign of this love affair slowing.
Instead, the survey shows that by 2020 budget allocations will have risen even further, with 55 percent of hedge funds, for example, expecting to spend more than half of their budget on cloud services by next year.
Boosting day-to-day operations
The quickening pace of the migration to the public cloud means c-suite executives are expected to be able to quantify cloud economics, which can be different to firms that run their own infrastructure on premises.
But the report suggests there is an opportunity for firms to learn from one another, so that those slower to embrace public cloud adoption can catch up with the rest of the industry.
Our new report reveals why, as this relationship matures, public cloud is becoming such an integral part of day-to-day operations for so many financial services firms.