FIs’ use of cloud technology on the upward trend, says Refinitiv

Financial institutions (FIs) worldwide are increasingly leveraging cloud technology for financial data, even though challenged by data privacy and regulatory issues.

These findings are from a survey by wealth technology provider Refinitiv.

The study, which polled 300 global FIs, found the firms allocating 48% of their IT budget on public cloud services in 2020. The figure was 34% in 2018 and 41% in 2019.

Of those polled, 76% said that their previous public cloud projects fared better than expected in facilitating immediate cost cuts. Notably, no projects were found to be worse than expected.

Hedge funds were the most benefitted in this regard, with 91% of their public cloud projects found to fare better than expected.

cloud technology

The respondents were mostly positive about the technology’s impact over the next 5 -10 years, with 40% believing it to be significant and 24% believing it to be transformational.

Thirty-six percent of the respondents believed the technology’s prospects to be minor over the aforesaid time period.

However, none of the respondents were completely bearish about the technology’s transformational prospects.

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