Despite rapid adaptation in most industries and a track record for success, the banking sector and financial services have been much slower and more cautious about cloud adoption and cloud computing services. This is often due to the uncertainty about how safe and secure the practice is, cloud infrastructure itself and how complex it can be.
According to a 2020 survey, despite as many as 91% of banks and other financial institutions currently using or planning to use a cloud services provider in the following months, only 9% of some of the most mission-critical regulated banking workloads have been transferred to the cloud from legacy systems. Despite this continued hesitancy, it has become more apparent that financial services organizations who do not adopt modern technology — reaping its benefits in improving customer experience in real-time — will undoubtedly fall prey to financial services firms that are more competitive in the market.
Here is everything you need to know about cloud computing in banking and financial services: What it is, the different types, how it’s used in the banking industry, advantages, challenges, and more!
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