US capital market firms with a rigorous cloud adoption program are running more than 50% of their applications on cloud and are likely to cross the 70% mark over the next two years.
Capital market firms are realizing that remaining on legacy systems is far riskier than shifting to cloud platforms. Our recent Wipro FullStride Cloud Services survey revealed that over three-fourths of respondents representing global capital market firms are at an advanced level of cloud maturity.
We assessed the cloud maturity of US capital market firms using three criteria and categorized them into beginners (bottom 32%), intermediates (middle 49%), and leaders (top 19%). For leaders, cost reductions are the tip of the iceberg in the benefits they are realizing. Leaders embracing cloud are driving growth and streamlining operations. As capital market firms mature in cloud adoption from a beginner to a leader, they get better at its implementation and many of them even exceed their ROI targets.
In this report, we outline key levers critical in implementing a robust cloud strategy. For capital market firms in their early stages of cloud adoption, we outline the strategic, technological, and financial challenges they face. We also provide six best practices they can follow to drive ROI during their cloud transformation journey.