February 6, 2023

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Cloud service is changing the financial services sector

Cloud services are changing the financial services sector forever. However, companies have different opinions about the advantages and disadvantages of the technology. This includes aspects such as security, compliance, and dependency.

Technology has not only been an important factor for financial service providers since digitization. On the Bank’s blog you will find studies on the most important trends and developments.

The top benefits of cloud for businesses are the ability to scale on demand (60 percent), rapid implementation of new functionality (51 percent) and the ability to innovate (44 percent). These are the results of a study conducted by Reply IT Services and Imperial College Business, in which nearly 300 financial service providers were interviewed. Companies also appreciate the cyber efficiency and flexibility gains (29 percent each) that come with the cloud.

However, new technology also presents new problems: for companies surveyed, these are regulations and compliance (74 percent), lack of experience (59 percent) and reliance on third-party providers and cloud services (47 percent).

How secure is the cloud?

The survey reveals a paradox when it comes to security: On the one hand, many of those surveyed believe that the cloud significantly improves the security of their companies compared to traditionally hosted systems. On the other hand, they stress that security concerns are also among the biggest problems in the cloud.

This is how companies change successfully

The study authors believe that the speed and impact of cloud adoption depends on the availability of the right employees, the right company culture, and management readiness. Deploying technology without the right people, culture and leadership will not lead to complete success. It depends on experience.

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