Gartner estimates $195 Billion of spending across industries on Cloud Application Services in 2023, with Financial Services set to be one of the key contributors to this overall estimated spend.
As banks seek to cut costs and ramp up digital transformation, cloud adoption by banks has accelerated. Just under three-quarters (72%) of IT executives at banks surveyed by The Economist Intelligence Unit in 2021, report that incorporating the cloud into their organization’s products and services will help them to achieve their business priorities. 82% of banking IT executives say they have a clear strategy for adopting cloud technology.
Here are five Software-as-a-Service (SaaS) trends will drive increased adoption of cloud in 2023, and beyond.
Migration to SaaS
Banking services SaaS
Empowerment through SaaS self-servicing
Evergreen SaaS Cybersecurity
SaaS Based ESG
About the author
Zannettos (Zan) Zannettou is a Principal Solutions Consultant at Temenos in APAC, focusing primarily on SaaS based solutions, with over 25 years of banking solutions expertise. Zan is a passionate advocate of cloud-based SaaS banking solutions, given the many benefits that financial organizations can realize in adopting SaaS solutions