Banking on the Cloud: Results from the 2021 CloudPath Survey

Banking on the Cloud: Results from the 2021 CloudPath Survey

This IDC Perspective reviews the findings of IDC's 2021 Worldwide Industry CloudPath Survey, specifically for the banking industry. Cloud services are becoming essential to bank survival in a post-pandemic world where customers are demanding greater convenience and more capabilities. As IDC's 2021 Worldwide Industry CloudPath Survey shows, nearly all banks are using public and private cloud platforms. And the top cloud applications are mission-critical workflows such as online and digital banking and payment processing. Banking executives are reaping the benefits of cloud deployment by noting that they are better able to provide enhanced products and services faster to market with greater agility and efficiency and, in many cases, with improved security."Cloud is a growing component of infrastructure strategy, as banks incorporate more of their workflows into a variety of cloud environments in 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 cloud deployment really is essential to the banking industry, which is further 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 Is Gaining Share of Banks' IT Budgets
Banks Use Multiple Types of Cloud Services
Triggers to Move to Cloud
Actual Benefits from Cloud — Banks Are More Innovative and Customers Win
Advice for the Technology Buyer
Cloud Is an Engine for Innovation and Improved Productivity
Develop a Robust Cloud Strategy and Digital Infrastructure Management
Partner with Providers That Have Deep Financial Services Experience
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