REPLY: “Cloud in Financial Services” Report Shows Cloud Services Transforming How Value Is Created in the Financial Services Sector
November 29 2021 - 03:30AM
Business Wire
“Cloud in Financial Services”, a joint report by Reply and
Imperial College Business School, provides a one of a kind,
in-depth look at how the cloud is set to transform financial
services.
“Cloud services are here to stay within financial services and
the pandemic has only accelerated the move” – commented Nelson
Phillips, Professor of Technology Management at the University of
California (formerly Professor of Innovation and Strategy and
Associate Dean of External Relations at Imperial College Business
School) – “But financial institutions need to be strategic in the
adoption and there are important questions that need to be
addressed as firms progressively move more activity to the cloud.
There are significant strategic and organisational challenges that
need to be dealt with to ensure cloud adoption is successful and
that firms derive maximum value from the move.”
Naturally, “Cloud in Financial Services” takes these strategic
and organizational challenges head on, addressing the major topics
that concern all c-suite executives, such as productivity,
compliance and costs. Likewise, the piece will inform its readers
of all the ins and outs of cloud transformation.
For the financial services industry the future is cloud,
an affirmation supported in this report by its accompanying survey,
conducted with nearly 300 financial services organizations. In
fact, when asked to choose the top three benefits of the cloud,
respondents to this survey identified on-demand scalability (60%),
the possibility to speed up implementation of new capabilities
(51%) and by its ability to enable innovation (44%), all indicators
of a forward-looking mentality. Operational efficiency gains and
increased cyber resilience as cloud benefits where not too far
behind (29%).
That said, financial institutions do face a number of
challenges when moving to the cloud. In selecting the top three
issues here, respondents singled out regulatory and compliance
concerns (74%), lack of cloud expertise or cultural readiness
within the stakeholder community (59%) and dependence on
third-party cloud service providers (47%). The need to balance the
risk of (excessive) reliance on third-party suppliers (i.e., CSPs)
was also a point of concern for many financial institutions. Not
surprisingly, a lack of suitable suppliers and the business case
not being compelling enough were identified as the least salient
challenges.
Cyber security is perhaps the matter for which the “Cloud
in Financial Services” report unearthed the most striking paradox.
A large percentage of respondents noted that the cloud
significantly enhanced their security positions versus the
traditionally hosted systems. However, many respondents stressed
that security concerns were among the most challenging issues
encountered in transitioning to the cloud.
As noted by Freddy Gielen, Executive Partner at Reply: “This
report will show that the speed and impact of cloud adoption are
highly dependent upon the availability of the right people, the
existence of the right culture, and the readiness of leaders.
Getting the technology right without having the right people,
culture and leadership in place will not result in the business
impact and return on investment that is possible from a
well-managed transition to the cloud.”
Indeed, perhaps the most revealing aspect of the survey was that
experience matters: the more experience respondents had with
cloud the more they recognised that a well-executed cloud
implementation can improve business. And it is here that this
report, by drawing on wisdom from more than 5,000 Reply cloud
projects (1,000 of which in financial services), will provide
the reader with concrete and decisive information that can help set
the course for a pleasant journey to the cloud.
To learn more, download the full report “Cloud in Financial
Services”.
Reply
Reply [MTA, STAR: REY, ISIN: IT0005282865] specialises in the
design and implementation of solutions based on new communication
channels and digital media. As a network of highly specialised
companies, Reply defines and develops business models enabled by
the new models of AI, big data, cloud computing, digital media and
the internet of things. Reply delivers consulting, system
integration and digital services to organisations across the
telecom and media; industry and services; banking and insurance;
and public sectors. www.reply.com
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