More profitable, more resilient, more cyber-secure
Cloud technology is becoming an essential tool in the banking and capital markets sector after proving its worth during the pandemic’s interruptions. In Cloud Business Survey, 95% of banking and capital markets respondents say they are now, or will be in two years, fully on the cloud.
Cloud-powered companies in our survey are the ones that moved to a digital operating model and are achieving measurable value across 12 cloud transformation metrics such as better decision-making, productivity, or cybersecurity.
Twelve percent of banking and capital market respondents in our survey merited being called cloud-powered because they are extracting ROI from the cloud at a pace that’s well ahead of their peers.
The enhanced ROI for cloud-powered companies may explain why they are more likely to predict stronger revenue growth versus their peers. Forty percent of cloud-powered companies, compared to 24% of the rest of the survey population, say they expect 15%+ revenue growth over the next 12 months.
The rosier projections may be because cloud-powered banking operations open new avenues for top-line growth, whether that’s in APIs and open banking, embedded loans or banking-as-a-service.
Additionally, a cloud-powered bank’s agile operations could quickly turn a front-line employee’s insight into a viable, revenue-generating product that’s in the market well before the competition.
