It's a difficult decision for firms with no clear answer because they risk being locked in to a single cloud service or sacrifice using the public cloud to its full potential. With three cloud businesses dominating the space - Amazon Web Services, Microsoft Azure, Google Cloud - the choice either to pick one or to work with several remains top of mind. But, more important, the move will allow banks to innovate faster - a key benefit for Wall Street as it competes with fast-moving newcomers looking to steal market share from them.Īnd while banks are no longer questioning if a move to the public cloud is the right one, they're worried about how they'll do it. In making the shift, banks stand to save money previously spent to maintain older technology systems. It shouldn't come as a total surprise that banks are finally interested in moving some of their systems off premise and on to shared remote servers. As it is, just 20% of respondents said they've moved that much to the public cloud. How banks decide to engage with the public cloud will be closely watched by the providers because Wall Street represents a significant revenue stream that until now has been largely untapped.Īfter years of hesitancy - owing largely to concerns over security and regulatory compliance - Wall Street is finally turning the corner on its acceptance of the public cloud.Ī recent survey of banks' IT budgets showed that 60% of respondents at large firms believed more than half of their workload would reside in the public cloud within the next three years.Despite the big plans that banks have, a majority remain unsure of whether to work with a single or multiple cloud services.Banks, eager to cut costs and innovate faster to keep up with agile fintechs, are becoming more comfortable using the public cloud.Account icon An icon in the shape of a person's head and shoulders.
0 kommentar(er)
