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
15 Novembre 2023 - 9:30AM
Business Wire
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.
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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 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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Media Contacts:
Reply Fabio Zappelli f.zappelli@reply.com Tel.
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Aaron Miani a.miani@reply.com Tel. +44 2077 306000
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