The Cloud Imperative for Financial Institutions

There used to be a time when being in the clouds was synonymous with having unrealistic ideas. Today however, commercial financial institutions are finding it increasingly necessary to migrate into the cloud. With better scalability, resilience, flexibility and public accessibility, 58% of the workloads of most commercial financial institution now reside in the cloud. Moreover, the COVID-19 pandemic has demonstrated the effectiveness of cloud-based solutions, resulting in more and more financial institutions ramping up their enterprise cloud strategies. While there are still some concerns regarding security and the use and storage of personal information, there is no doubt that the benefits to both financial institutions (e.g. reduced operational costs, shorter times to market, faster provisioning speeds) and consumers (e.g. better servicing, enhanced consumer experiences) will drive cloud-based financial solutions this year and beyond.