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Public cloud use set to transform investment banking

(Image credit: Image source: Shutterstock/MaximP)

Investment banks are going to use public cloud 50 per cent more in the next five years, according to a new report by global IT consultancy firm GFT. 

The report is saying the increase in adoption is driven by greater awareness in the benefits of the public cloud.

It is being said that cost reduction isn’t the primary driver for this adoption, but instead – increased agility and flexibility of the business. The results may result in the introduction of new measures like regulatory reporting, as well as the development of innovative client applications.

The areas in which public cloud should see most adoption is development and testing, front office and risk departments. New and planned use cases include high-performance computing and big data.

“The shift to public cloud in investment banking has been slow to start, but we see that banks are now willing to embrace the transformation and reap the significant benefits of becoming cloud native,” said Andrew Rossiter, Head of Technology Services at GFT.

“Respondents were surprised to find such widespread agreement amongst their peers to embrace the challenge of transforming their application estate to become truly cloud native. Some regulatory and security issues around cloud still remain, but banks have taken great strides to overcome these and are advancing their technology estate transformation plans at a rapid pace. The ‘war for talent’ to achieve this has only just begun!”

Image source: Shutterstock/MaximP

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.