A research report from Accenture titled “Banks need a flight plan to navigate the cloud” reveals that banks and other financial institutions (FIs) are increasingly migrating their workloads to the cloud.
However,
these organizations are facing significant barriers to cloud adoption,
including a cloud talent shortage, security and compliance issues, and
the complexity of distributed cloud systems.
- According to the report,
banks cite cost reduction (64%) and revenue growth (57%) as the two
biggest motivating factors behind moving their core data functions to
the cloud.
- While
many banks and FIs are aware of the benefits offered by cloud
computing, core migration is still seen as high-risk due to security and
compliance issues, the complexity of distributed cloud systems, and the
inability to reap the full benefits of the cloud, all of which are
heightened by “a lack of staff with cloud expertise to manage these core
functions and the difficulty of recruiting the required skills in the
current environment.”
- Based
on the report, nearly 4 in 5 banks use public cloud infrastructure for
their enterprise systems, but 85% of workloads remain on-premises. This
is largely attributed to a lack of timely cloud migration.
- According to a recent report by
the U.S. Department of the Treasury, the complexity of cloud
deployments is fueled by shortages of technical expertise, which often
results in misconfiguration errors, thus making the cloud environment
less resilient and secure.
