In terms of cloud adoption, the financial services industry has been lagging unlike many other industry sectors. While the benefits of cloud adoption are not unknown, there was initial hesitation on account of legacy infrastructure, lack of clarity on regulations, concerns related to compliance and data security. Cloud providers, upon understanding the specific needs of the industry, have been extremely proactive in working with regulators and ensuring that their solutions meet stringent requirements. This trend followed by regulators issuing guidelines and promoting the use of cloud has also helped in adoption. The most significant driver has been disruption of the industry by start-ups, many of whom are completely cloud based. This move has resulted in much lower costs and faster time-to-market, two of the biggest challenges for incumbents. This has had a direct impact on improving consumer satisfaction and retention, enhancing their ability to utilize the vast data available to enhance products and services, and in increasing market scope.
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