Security News > 2022 > February > What is pushing financial services institutions to deploy cloud technologies?

Financial services leaders cite increased future revenues and improved future profitability as leading reasons to deploy cloud technologies, according to a financial services study by Capco.

The report identifies the key trends and opportunities ahead and offer insights to allow financial services institutions to become cloud leaders.

The top three obstacles to cloud implementation listed by FSIs Banks - Difficulty in deciding on best technology options; uncertain ROI and use cases; and lack of enterprise-wide strategy and roadmap.

Peter Kennedy, Partner & Cloud Lead at Capco, said: "We believe financial services firms often do not consider the total cost benefits when measuring return on investment on the cloud. Only 40% cited benefits arising from decreased non-IT costs, and even fewer measure reduced carbon footprint, accelerated time to market, or improved productivity."

Commenting on perceived obstacles, to cloud implementation, Kennedy added: "Roadmaps that chartered a digital journey for the entire organization were slow to emerge, if at all. Early in the transformation process it is crucial to develop an enterprise-wide cloud strategy and roadmap that details technology choices, governance measures and spending priorities, and that moderates other potential battlegrounds that can dilute implementation."

He also noted that the survey results reinforce that training, recruitment, and retention are fundamental competencies that need careful and early planning or risk snagging an institution's shift to the cloud: "An average of 25% of FSIs said limited access to cloud skills and talent along with a need for training were serious impediments to successful cloud implementations."

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