The financial services sector is undergoing unprecedented disruption, a wild ride created by the digital revolution smashing up against COVID-19’s social and business upheavals.
The collision of these two forces in 2020 and 2021 quickly altered the competitive landscape. Financial services institutions (FSIs) had to become smarter and nimbler, working in new ways with unfamiliar technologies at an unparalleled pace to meet clients’ escalating digital demands. Firms also had to deal with increased competition as fintechs and technology giants looked to take advantage of uncertain macro and micro economic environments.
In this paper, Capco and Wipro FullStride Cloud Services lay out the industry’s current state as seen through the eyes of practitioners, how cloud technologies are being used as an accelerant to drive growth and return on investment (ROI), and what lies ahead for our clients during the next few years.
Key findings include:
- The health crisis accelerated technology roadmaps, prompting more than half of respondents globally to invest more in cloud to increase resilience, reduce risk, enable more flexible working alternatives, and create new ways to interact with customers.
- Financial services firms have started their journey toward full digital implementation in the cloud, but they are likely three to five years away from achieving that vision.
- Cloud investments pay off on the bottom line in operational cost reduction but, more importantly, by generating new revenue.
- ROI generated from the cloud multiplies tenfold as firms advance on their cloud journey. Other benefits make organizations quicker to market, enhance their customer relations, and contribute to smarter decisions.
- In two years, 40% of firms will be advanced or fully optimized in cloud data centers, migration and modernization of core processes, and cloud-native app development and many more.