Never before have financial institutions had to face such a slew of competitors, many of which aren’t even banks: Google, Apple, PayPal, and so on. And the problem is that consumers are increasingly valuing what these digital, ‘non-bank banks’ have to offer.
In a bid to remain relevant, many financial institutions are turning to the cloud; using it as a tool to innovate, digitalise and fend off competitors.
According to a report by CBI and PWC, UK financial services companies are expected to spend 75 per cent more on technology in 2015. Specifically looking at cloud spend, our own Cloud Reality Check research found that FS organisations plan to increase their budget by seven per cent over the next three years (23 per cent to 30 per cent); accounting for nearly a third of their corporate IT budgets by 2018.
And it is easy to understand why. The benefits of the cloud seem undeniable; scalability, reduced capital expenditure, ubiquity and outsourced management of cloud services all promise to make it possible for IT to meet the digital demands of the business. Applications can move from the sandbox to global production in a matter of days, rather than weeks or months.
However, despite this, we found that 34 per cent of finance IT decision makers agree that cloud technology in their organisation is failing to live up to its potential. We’ve also seen it slip into the ‘Trough of Disillusionment’, based on Gartner’s latest Emerging Technologies Hype Cycle. Security, compliance and governance are all known issues which can block finance companies adopting cloud. However, although it’s not voiced as a big barrier to cloud, complexity is actually causing IT departments significant frustrations as well.
This article has been extracted from http://www.itproportal.com, please click on this link to read the article in full http://www.itproportal.com/2015/12/10/banking-on-cloud-how-finance-organisations-can-cash-in-innovation/
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