Cloud Computing in Banking - Thematic Intelligence

Cloud Computing in Banking - Thematic Intelligence

Summary

The advantages of using cloud computing in the banking industry are extensive. It can help companies modernize infrastructure, scale operations, reduce costs, improve resiliency, and build new revenue streams and services. Cloud-based systems have helped banks adapt to the rise in remote working, increased customer app use, and associated security and fraud risks. It is now a question of how banks should migrate to the cloud, not if. Ensuring a smooth, tailored, and targeted cloud migration is essential, especially in a heavily regulated industry like banking.

A siloed approach to banking IT management is outdated and unsuitable. Different approaches to choosing infrastructure include multi-cloud, public cloud, hybrid cloud, and private cloud. Deciding on which to use means compromising between system control and customization and scalability, leading to the rule of thumb: deploy on private and scale on public. Some banks use a hybrid approach, including on-premise, private, and public clouds. This offers control, flexibility, and easy scaling but comes at a price, as on-premise hardware must still be maintained.

ScopeAccording to GlobalData forecasts, global spending by retail banks on cloud computing in 2022 amounted to $39 billion. It is expected to reach $83 billion by the end of 2026.GlobalData’s Enterprise ICT Investment Trends 2022 survey found that most retail banks already have considerable exposure to cloud infrastructure and are continuing with their cloud implementations.The cloud can offer quick and agile deployment of cybersecurity. A bank can outsource its cybersecurity management at a lower cost by using cloud managed services. Cloud can also help banks to standardize their processes and data management.Reasons to BuyDetermine potential investment companies based on trend analysis and market projections.Gain an understanding of the market challenges and opportunities surrounding the cloud computing theme.Learn how spending on cloud will fit into the overall market and which spending areas are being prioritized.