Financial institutions to move to the cloud

The pandemic has accelerated the move to the cloud for financial institutions.

Indeed, many businesses including financial institutions have started to adopt hybrid working and relying more on the cloud for continuity and productivity. Gartner estimates that cloud spending is only going to increase in the near future.

As the pandemic spread everywhere, financial institutions made the shift to cloud services in order to help internal and external operations run as efficiently as possible. It was reported that the number of financial services firms’ workforces operating from home has increased by 40% in the wake of Covid-19 and more of them use the cloud to ease working from home.

Financial institutions were already investing in cloud technologies before the pandemic so as to provide more innovative services, better costs and the best market strategies to their customers. However, the move to the cloud has its own challenges, including regulation, data security and outsourcing internal processes risks.

Hence, it was reported that financial institutions need to look at their long-term plan to know how their infrastructure will evolve over the next years.