It was recently reported that cloud computing is helping financial services leaders increase revenues but also boost profitability.

Indeed, a study by Capco and Wipro showed that cloud computing was slowly becoming more important for IT leaders, C-suite executives, and board members across all industries. It is especially necessary in banking and financial services as it is used to store data and applications as well as access advanced software applications via the internet.

By using cloud technologies, 48% of banks are expecting to see a decrease in costs in the coming two years, while others expect a boost in income. 66% of banks also believe that cloud benefits will quickly include improved revenue and thus, boost profitability. Organisations that have already implemented cloud computing are enjoying large gains regarding their revenues.