Banking on the Cloud: Results from the 2020 CloudPath Survey

Banking on the Cloud: Results from the 2020 CloudPath Survey

This IDC Perspective reviews the findings of IDC's 2020 Worldwide Industry CloudPath Survey specifically for the banking industry. Cloud services, once limited as a deployment vehicle for software providers to offer their solutions in an efficient, low-cost managed model for the banking industry, is now considered a viable platform for more complex and critical workloads that have traditionally run on premises within the bank's own datacenters. As IDC's 2020 Worldwide Industry CloudPath Survey shows, public cloud platforms are now in the mainstream of deployment alternatives not only for turnkey applications in relatively low-risk areas but also for more critical workloads. Perhaps most importantly, and based on actual experiences from the banks responding to the survey, the move to cloud is achieving many of its promised benefits, efficiency, and security."Cloud is a critical component of a hybrid infrastructure strategy, and will be for the foreseeable future," says Jerry Silva, vice president, IDC Financial Insights' Global Retail Banking program. "This year's Worldwide Industry CloudPath Survey shows us that the banking industry is not only adopting but also accelerating its adoption of cloud based on real benefits proven in the market."

Please Note: Extended description available upon request.

Executive Snapshot
Situation Overview
Cloud Becomes a Priority
Triggers to Move to Cloud
Data in the Cloud
ISVs Are Leading the Way
Concerns and Expectations
Operating a Hybrid Infrastructure
Actual Benefits Reported in the Move to Cloud — Customers Win
Advice for the Technology Buyer
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