The rapid emergence of cloud computing is transforming the way financial institutions think about how they consume their IT resources. Traditionally, banks have been reluctant to embrace technology, especially on security grounds. There were other challenges too, such as regulation and the complexity and procurement cost involved in managing many suppliers.
However, as they start to fully understand the benefits, banks have recently been taking a closer look at the advantages of a cloud-based model. Cloud can enable business agility and rapid evolution. The on-demand innovation it makes possible can satisfy growing business needs, yet with no compromise on security and without the historic investment burden of IT transformation.
The Global Cloud Computing Market Will Exceed $200 Billion in 2019 (Forrester). And will continue to grow at a 22% compound annual growth rate.
A major shift is taking place in how enterprises select their financial management applications, with a migration to cloud applications happening faster than expected, according to a recent Gartner press release, “currently almost 19 percent of cloud budgets are spent on cloud-related services, such as cloud consulting, implementation, migration and managed services, and Gartner expects that this rate will increase to 28 percent by 2022.