REPLY: Second Edition of “Cloud in Financial Services” Report Unveils New Insights Into the Cloud Adoption Landscape for Financial Institutions in the Europe and the UK
Today marks the launch of the second edition of the "Cloud in Financial Services" report, a collaborative effort by Reply, the European Banking Federation, Insurance Europe, and professors from Imperial College Business School and University of California, Santa Barbara. This report offers a comprehensive view of the dynamic cloud adoption landscape in the financial services sector, focusing on key aspects such as cloud strategy, governance, regulation, and data.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231115080335/en/
The second edition of the “Cloud in Financial Services” report re-examines the research conducted by Reply with financial institution, and addresses the unique challenges facing financial institutions in the EU, Switzerland, and UK. (Photo: Reply)
Drawing from insights derived from Reply's execution of over 1,200 cloud projects and interviews with senior industry leaders, it presents a comparative analysis of the transformative changes, challenges, and opportunities in financial institutions' journeys to the cloud. Noteworthy findings from a pan-European survey conducted between December 2022 and March 2023, guided by professors from Imperial College Business School, London, add depth and relevance to the comprehensive report.
In the realm of business and cloud strategy, the report provides new insights and hard data on facets such as cost and flexibility issues, underscoring the significance of viewing cloud adoption not merely as a technological shift but as a powerful catalyst for achieving new business milestones.
The survey also underscores the enduring challenges in regulatory compliance and data sovereignty, with an astounding 81% of respondents still deeming regulatory compliance and data sovereignty as substantial challenges(compared to 73% in 2021). Significantly, 34% of respondents pinpoint these concerns as the primary challenge to embracing cloud solutions in their financial institutions.
The survey results from financial institutions also reveal a different perspective on machine learning, despite the widespread buzz. Notably, 27% confirm that they do not use cloud-based machine learning capabilities, while 34% and 16% report of a limited and moderate usage, respectively. In contrast, only 10% indicate substantial adoption, and a mere 5% integrate machine learning functionalities extensively. This data offers an insightful comparison between the anticipated and actual implementation of machine learning empowered by the cloud.
Nelson Phillips, Professor of Technology Management at University of California, Santa Barbara, commented: “The report shows that while cloud adoption has become 'business as usual' in financial services, the benefits of moving activity to the cloud vary significantly depending on the approach firms adopt to cloud implementation and the willingness of firms to look beyond cost savings.”
Freddy Gielen, Executive Partner at Reply, added “the report and the survey demonstrate that cloud implementation’s biggest impact on a financial institution’s profitability is more likely driven by revenue enhancement rather than mere cost reduction.”
To delve deeper into the evolving cloud landscape in financial services, download the full report "Cloud in Financial Services".
For more information about Reply's cloud-based solutions, please visit www.cloud.reply.com.
Reply [EXM, STAR: REY] specialises in the design and implementation of solutions based on new communication channels and digital media. As a network of highly specialised companies, Reply defines and develops business models enabled by the new models of AI, big data, cloud computing, digital media and the internet of things. Reply delivers consulting, system integration and digital services to organisations across the telecom and media; industry and services; banking and insurance; and public sectors. www.reply.com
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