Cloud technologies and platforms are driving transformation in banking and financial services as businesses in this sector identify cloud as a top enabler of innovation.
While this change has been led by new digital challengers in the space – from Robinhood and Ally Bank to Apple Pay and Amazon – established banks and financial services firms increasingly rely on cloud to power customer facing services and modernize existing operations.
Financial services organizations are under constant pressure to release new strategic products to market, but they are challenged by legacy infrastructure, regulatory restrictions and security concerns.
Cloud can help address these issues while helping organizations achieve faster time to market. In a 451 Research Voice of the Enterprise Cloud, Hosting & Managed Services survey, the results showed time to market was the most commonly cited benefit to cloud adoption by 43% of financial services firms. Followed by reduced operating expenses (31%) and improved employee productivity (29%).
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