Strategic Intelligence: Cloud Computing in Financial Services

Strategic Intelligence: Cloud Computing in Financial Services

Summary

This report provides an overview of the cloud computing theme and how it will impact the financial services industry. It predicts how cloud adoption will evolve, including the key challenges this technology will solve. The report also includes select case studies highlighting which players are innovating in the financial services industry using cloud technologies.

Cloud computing refers to the provision of IT infrastructure, software platforms, and services delivered via the internet, rather than on hosted local servers. The cloud is the dominant model for delivering and maintaining enterprise IT resources. Sharing IT infrastructure and services creates a flexible, scalable, and on-demand IT environment. As per GlobalData, global spending by financial services companies on cloud computing in 2023 amounted to $93.2 billion. By 2028, it will have grown to $205 billion at a compound annual growth rate (CAGR) of 17%.

Scope

• The use cases of the cloud value chain have helped solve the challenges financial services companies face and had an impact on some of their strategies, changing the way they make decisions and the way they engage with customers and employees.
• As more financial services companies use technologies from the cloud computing framework, they will see the benefits of improved agility and scalability, ensuring compliance terms have been met while improving customer experiences as well as cost efficiency.
• Traditionally, financial institutions have relied on legacy IT infrastructure that is costly to maintain, slow to scale, and inflexible in adapting to new demands. Cloud platforms allow these organizations to rapidly deploy and scale applications and storage according to changing business needs.
• Cloud adoption supports cost optimization. By shifting from capital expenditure to operational expenditure, financial institutions can avoid large upfront hardware investments and instead pay only for what they use. This model not only reduces waste but also improves budget flexibility for financial services companies.

• Benchmark yourself against the rest of the market.
• Gain valuable insight into cloud computing in the financial services industry.
• Ensure you remain competitive as new innovations and developments in cloud computing transform the financial services sector.
• Quickly identify attractive investment targets in the financial services industry by understanding which companies are most likely to be winners in the future based on our thematic scorecard.
• Gain a competitive advantage in the financial services industry by understanding the potential of cloud computing.