Recent cyberattacks and financial crime have prompted companies to invest in the cloud to protect their data and maintain high levels of security and governance.

The digitization of banking and payment systems has led organizations to invest in advanced cloud-based data analytics to detect fraud and anomalies in real time and improve the customer experience. Respondents consider it important to raise brand awareness and acquire new customers, and believe that cloud technology is essential to address rising financial crime. Many financial firms already have cloud use cases in place or ready to implement in the next 12 months.

Benefits of a multi-cloud strategy

The report also reveals that 37% of financial firms opt for a multi-cloud strategy, which gives them access to best-of-breed providers, flexibility to negotiate costs, and modularity in data platform capacity. In addition, firms are adopting cloud data platforms to enhance data science capabilities and develop new products and applications.

Organizations spend up to 40% of their time managing data in the cloud, impacting business innovation and increasing costs. While technology teams are primarily responsible for cloud investments, other parties are becoming more influential in the decision-making process.

Translated by: A.M