Cloud adoption by banks has accelerated since the start of the pandemic, as banks seek to cut costs and ramp up digital transformation projects. But challenges around security, governance and skills remain. What is the state of cloud-based banking in 2021? What are banks’ drivers and strategy for cloud adoption and what barriers do they still need to overcome?
Temenos and the Economist Intelligence Unit have sought the answers to these questions and more in a new report: Capturing Value in the Cloud, incorporating data from over 200 global banking IT executives.
- 72% of IT executives at banks report that incorporating the cloud into their organisation’s products and services will help them to achieve their business priorities, with nearly half (47% saying it will do so “to a great extent”).
- Business agility, elasticity and scalability are together cited by 40% of respondents as top drivers of cloud adoption.
- 82% of IT executives say they have a clear strategy for adopting cloud technology
- 81% of respondents agreed that a multi-cloud strategy will become a regulatory prerequisite by 2025