Aite-Novarica Report

For banks, cloud adoption is a very firm-specific choice. By now, it is commonly understood that there are many advantages to adopting the cloud, for reasons related to performance, efficiency, reliability, security, and potential cost reductions. Yet, while there are many pro-cloud arguments, many banks still stick with on-premise technology by choice or out of necessity.

In a new research report, Audrey Costabile Blater of Aite-Novarica's Capital Markets team shares notable findings from her one-on-one interviews with key stakeholders across the financial services sector uncovering what’s driving—or holding back—cloud migration decisions for trading and risk management functions. The report also analyzes how bank attitudes are changing when it comes to deciding whether or not to migrate to the cloud and discusses what is needed to bring a pro-cloud shift into the decision-making process. The report also provides views on why on-premise legacy systems may or may not be preferred.

Download your copy today to discover:

• How attitudes toward the cloud have changed over time and, in particular, how the COVID-19 pandemic has played a major role in accelerating the pursuit of the cloud.
• The reasons why some areas in the banking industry are seeing large gains in cloud adoption while other areas are slow in migrating to the cloud. 
• The different ways banks are using cloud providers for derivatives trading and risk analytics and how the goal of the cloud has been to enable deeper and quicker analysis.
• The factors that push some banks to stick with legacy systems, such as business-as-usual cultures, politics, and heightened sensitivities to data security, among others.
• Descriptions of some of the regional differences in cloud adoption.

Although there are two sides to the story when it comes to cloud adoption among banks, given the generally rapid growth of cloud usage in the industry, we wonder if, ultimately, the real issue is when the whole industry goes full steam ahead with cloud adoption rather than if.

For this research, Aite-Novarica Group conducted qualitative interviews with 20 participants across four regions and 15 countries.

ABOUT AITE-NOVARICA GROUP

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base. The quality of our research, insights, and advice is driven by our core values: independence, objectivity, curiosity, and integrity.