Cloud Expo Europe 2024 - London | Cloud Expo Europe London | 6 March 2024 | Excel, Royal Victoria Dock, 1 Western Gateway, London E16 1XL, UK

Why financial services are bullish about the cloud
Recent investor surveys demonstrate great confidence in the cloud. When asked about IT plans, 43% of FS tech leaders say they plan to increase cloud spending this year. And, 86% see hybrid cloud as the “ideal operating model” for their businesses.
Banks, funds, insurers and asset managers are investing big in cloud technology, seeing it as a way to compete with fintech disruptors and access new markets. But with huge troves of data and compliance headaches, migration won’t always be plain sailing.
• In Need of Assurance
Although a handful of major banks have committed to full migrations to the cloud, the majority have soon run into issues when they investigate the technology’s potential.
Perhaps most significant are problems around compliance and security. In a highly regulated industry, farming out data management to third party organisations represents a real headache (and may be even more complex in the light of Brexit). This explains the popularity of hybrid models, where some content is always kept on local servers, while the less sensitive information goes online. But configuring this set up requires a whole new information architecture.
Security concerns are another headache for financial services CIOs. Providing remote access to employees might at first feel attractive, yet the security problems it entails can add a whole level of complexity to your planning.
Then there’s the issues of migration from legacy systems. How do you get decades’ worth of data, cleaned and ready to use, and onto a cloud server?