{"id":179384,"date":"2021-11-29T08:30:00","date_gmt":"2021-11-29T08:30:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2956788"},"modified":"2021-11-29T08:30:00","modified_gmt":"2021-11-29T08:30:00","slug":"cloud-in-financial-services-report-shows-cloud-services-transforming-how-value-is-created-in-the-financial-services-sector","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2021\/11\/29\/cloud-in-financial-services-report-shows-cloud-services-transforming-how-value-is-created-in-the-financial-services-sector\/","title":{"rendered":"\u201cCloud in Financial Services\u201d report shows cloud services transforming how value is created in the financial services sector"},"content":{"rendered":"

\"admin<\/p>\n

\u201cCloud in Financial Services\u201d<\/a>, a joint report by Reply and Imperial College Business School, provides a one of a kind, in-depth look at how the cloud is set to transform financial services.<\/p>\n

\u201cCloud services are here to stay within financial services and the pandemic has only accelerated the move\u201d \u2013 commented Nelson Phillips, Professor of Technology Management at the University of California (formerly\u00a0 Professor of Innovation and Strategy and Associate Dean of External Relations at Imperial College Business School) \u2013 \u201cBut financial institutions need to be strategic in the adoption and there are important questions that need to be addressed as firms progressively move more activity to the cloud. There are significant strategic and organisational challenges that need to be dealt with to ensure cloud adoption is successful and that firms derive maximum value from the move.\u201d<\/p>\n

Naturally, \u201cCloud in Financial Services\u201d takes these strategic and organizational challenges head on, addressing the major topics that concern all c-suite executives, such as productivity, compliance and costs. Likewise, the piece will inform its readers of all the ins and outs of cloud transformation.<\/p>\n

For the financial services industry the future is cloud<\/strong>, an affirmation supported in this report by its accompanying survey, conducted with nearly 300 financial services organizations. In fact, when asked to choose the top three benefits of the cloud, respondents to this survey identified on-demand scalability (60%), the possibility to speed up implementation of new capabilities (51%) and by its ability to enable innovation (44%), all indicators of a forward-looking mentality. Operational efficiency gains and increased cyber resilience as cloud benefits where not too far behind (29%).<\/p>\n

That said, financial institutions do face a number of challenges<\/strong> when moving to the cloud. In selecting the top three issues here, respondents singled out regulatory and compliance concerns (74%), lack of cloud expertise or cultural readiness within the stakeholder community (59%) and dependence on third-party cloud service providers (47%). The need to balance the risk of (excessive) reliance on third-party suppliers (i.e., CSPs) was also a point of concern for many financial institutions. Not surprisingly, a lack of suitable suppliers and the business case not being compelling enough were identified as the least salient challenges.<\/p>\n

Cyber security<\/strong> is perhaps the matter for which the \u201cCloud in Financial Services\u201d<\/a> report unearthed the most striking paradox. A large percentage of respondents noted that the cloud significantly enhanced their security positions versus the traditionally hosted systems. However, many respondents stressed that security concerns were among the most challenging issues encountered in transitioning to the cloud.<\/p>\n

As noted by Freddy Gielen, Executive Partner at Reply: \u201cThis report will show that the speed and impact of cloud adoption are highly dependent upon the availability of the right people, the existence of the right culture, and the readiness of leaders. Getting the technology right without having the right people, culture and leadership in place will not result in the business impact and return on investment that is possible from a well-managed transition to the cloud.\u201d<\/p>\n

Indeed, perhaps the most revealing aspect of the survey was that experience matters<\/strong>: the more experience respondents had with cloud the more they recognised that a well-executed cloud implementation can improve business. And it is here that this report, by drawing on wisdom from more than 5,000 Reply cloud projects <\/strong>(1,000 of which in financial services), will provide the reader with concrete and decisive information that can help set the course for a pleasant journey to the cloud.<\/p>\n

To learn more, download the full report \u201cCloud in Financial Services\u201d<\/a>.<\/p>\n

Reply<\/strong><\/p>\n

Reply [MTA, STAR: REY, ISIN: IT0005282865] specialises in the design and implementation of solutions based on new communication channels and digital media. As a network of highly specialised companies, Reply defines and develops business models enabled by the new models of AI, big data, cloud computing, digital media and the internet of things. Reply delivers consulting, system integration and digital services to organisations across the telecom and media; industry and services; banking and insurance; and public sectors. www.reply.com<\/a><\/p>\n

 <\/p>\n

Media Contacts<\/strong><\/p>\n

Reply<\/strong><\/p>\n

Fabio Zappelli<\/p>\n

f.zappelli@reply.com<\/a><\/p>\n

Tel. +390117711594<\/p>\n

Aaron Miani<\/p>\n

a.miani@reply.com<\/a><\/p>\n

Tel. +44 (0)20 7730 6000<\/p>\n

November 29, 2021<\/p>\n

Tags: Cloud financial services<\/a>, Cloud report<\/a>, Cloud strategy<\/a>, Cloud architecture<\/a>, Cloud journey<\/a>, Cloud banking<\/a>, Cloud Adoption<\/a>, Cloud Regulation<\/a>, Cloud Security<\/a>, Cloud Migration<\/a> <\/p>\n

See Campaign: <\/strong>https:\/\/www.reply.com\/en\/industries\/financial-services\/cloud-adoption-in-financial-services<\/a>
Tags:<\/b>
PR-Wirein<\/a>, ReleaseLive<\/a>, Menafn<\/a>, IPS<\/a>, Reportedtimes<\/a>, Google News<\/a>, Financial Content<\/a>, Extended Distribution<\/a>, English<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“Cloud in Financial Services”, a joint report by Reply and Imperial College Business School, provides a one of a kind, in-depth look at how the cloud is set to transform financial services. “Cloud services are here to stay within financial services and the pandemic has only accelerated the move” – commented Nelson Phillips, Professor of […] Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":291,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-179384","post","type-post","status-publish","format-standard","hentry","category-press-release"],"yoast_head":"\n\u201cCloud in Financial Services\u201d report shows cloud services transforming how value is created in the financial services sector - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2021\/11\/29\/cloud-in-financial-services-report-shows-cloud-services-transforming-how-value-is-created-in-the-financial-services-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cCloud in Financial Services\u201d report shows cloud services transforming how value is created in the financial services sector - 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