Cloud investments: Banks and insurers are fighting for increasing efficiency
Cloud investments: Banks and insurers are fighting for increasing efficiency
Berlin, Deutschland - In the world of finances, a storm is brewing! The majority of banks and insurers are fighting to use the true potential of their cloud investments. The current World Cloud Report for Financial Services 2025 from Capgemini reveals that only 40 percent of managers in the financial services sector are satisfied with the results of their cloud implementations! The cloud is mainly used to increase operating efficiency (a whopping 84 percent!), But only a minimal proportion of 12 percent can describe itself as "cloud innovators". These sobering numbers raise questions: Where's the innovation?
challenges for the industry
The financial institutions face enormous challenges! Inefficiencies in data management, cyber security gaps and increasing regulatory requirements load heavily on the shoulders of these institutions. The study shows alarming 26 percent more mentions of cloud-related terms in the annual reports of the global top 40 banks and insurance between 2020 and 2023. But what is the use of all this technology without the correct implementation? Less than 40 percent of the bosses report on high satisfaction with the cloud solutions, just 33 percent were able to reduce operating costs!
The problems are increasing: 71 percent of the respondents complain about legacy systems that hinder data integration, while 70 percent experience great difficulties in protecting customer data. With the upcoming entry into force of the digital operational Resilience Act (Dora) in January 2025, banks and insurers are under great pressure to increase their security standards. More and more managers (81 percent) see the lack of suitable technology as an obstacle to their business goals.
The bright spots of the cloud innovators
But there is hope! The few cloud innovators show how it works by pursuing clear cloud strategies that pay off: they outperform their goals not only in upsetting, but also in monetization of data and the development of new products. The key lies in the promotion of an innovation-driven, cloud-native culture! A data-based approach and access to cloud expertise are crucial to catapult the financial world into the future.
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Ort | Berlin, Deutschland |