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For the financial services industry the future is cloud.
This is due to factors such as increased productivity, innovation and scalability – and, at least as importantly, because moving to the cloud frees up time and energy for more strategic issues. Data storage and computing power are increasingly seen as utilities best left to firms who specialise in them.
But the progress of cloud adoption is not the same across the industry or across geographies. And many firms find their experience of cloud adoption does not match their expectations when they began the process of moving activity to the cloud.
The adoption of cloud has important benefits:
Scales on demand
Speeds up implementation
DECREASES reliance on legacy systems
But significant challenges still facefirms that seek to adopt:
Lack of suitable suppliers
Lack of cultural readiness
Dependence on third party suppliers
Timing and speed of adoption areaffected by a number of factors:
Incompatibility with existing systems
Security is perhaps the matter for which our survey unearthed the most striking paradox with a large percentage of respondents noting that the cloud significantly enhanced their security positions vis-à-vis traditionally hosted systems, while many respondents stressed that security concerns were among the most challenging issues encountered in transitioning to the cloud.
What explains the difference? The more experience a respondent had with the cloud the more they recognized that well executed cloud implementation can actually improve security:
1st SIGNIFICANT BENEFIT
2nd SIGNIFICANT BENEFIT
3rd SIGNIFICANT BENEFIT
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.
Relive Reply’s interactive round table on Cloud adoption in financial services. Speakers from HSBC, Imperial College, Royal Bank of Canada reviews the conclusions from our qualitative survey (ca. 30 interviews with senior leaders in financial services) and the quantitative survey (ca. 250 senior leaders in financial services in the EU and the UK) about their experiences with moving to the Cloud. This round table discusses the main findings, key insights, and unexpected outcomes of this pan-European survey.
The cloud of today is not an ‘end-state’, but only the beginning to unlocking new innovations and accelerating technological and environmental change.