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Financial sector leading the way on hybrid cloud

(Image credit: Image source: Shutterstock/Nattapol Sritongcom)

Financial services companies are benefitting hugely from embracing hybrid cloud platforms as the industry continues its digitial transformation journey, new research has found.

Findings from Nutanix has found that the financial sector is outpacing all other industries in hybrid cloud deployment, with the majority of companies in the industry now on board with such platforms. 

Overall, the company's worldwide study found that nearly 18 percent of financial companies have already deployed a hybrid cloud platform of some kind, with a further 51 percent set to shift investment to hybrid cloud within the next three to five years.

Mixing workloads in both private and public cloud is bringing a number of advantages to financial firms, not least in security. Given the stringent regulatory requirements and government mandates many companies in this industry have to adhere to, security was consistently identified as one of the central benefits of hybrid cloud, with 60 percent of respondents naming it as the single biggest influence on future cloud strategies.

The flexibility of hybrid cloud was also named as a key consderation as organisations look to move applications across platforms. Nearly three-quarters of those surveyed (71 percent) said they were preparing to move one or more applications running in a public cloud back on-premises, as they look to keep pace with changing regulations that govern where they can store and manage their data.

As the sector continues to evolve and digitally transform, companies also face mounting pressure to modernise IT and to make services more convenient for end-users, meaning this journey to hybrid cloud is only just beginning.

“The financial sector’s digital transformation is aggressively driving datacentre modernisation and cloud adoption,” said Greg Smith, VP of Product Marketing at Nutanix. 

“Ambitious, but necessary, plans to shift investment to hybrid clouds clearly demonstrate that financial companies recognise the obvious benefits. With hybrid cloud infrastructure, financial companies can enjoy application mobility across clouds and gain greater control of their IT spend, while remaining confident in the security of their data.”

Michael Moore
Michael Moore is News and Features Editor working across both ITProPortal and TechRadar Pro. He has worked as a technology journalist for more than five years, including spells at one of the UK's leading national newspapers. He is interested in hearing about all the latest news and developments across the Business IT world, and how companies are using new technology to help push forward their work and make their customer's lives easier.