Financial Organisations Are Migrating To The Cloud

New findings see the hybrid cloud market growing significantly over the next five years among financial and financial service companies. The cloud infrastructure firm Nutanix has announced the financial services sector findings of its report, measuring organisations’ plans for adopting private, hybrid and public clouds. 

These results point to a digital transformation within the industry, with nearly 50% of respondents reporting that the Covid-19 virus caused them to increase their investment in the hybrid cloud.

This investment in hybrid cloud is the only IT model showing positive growth among financial company respondents, and it is expected to increase by nearly forty percent in that timeframe. The financial services companies plans to increase their investment in private cloud over the next year is 10% higher than the global average showing that private cloud adoption is crucial to creating a modern hybrid cloud.  

Other Results 

Security issues are driving private cloud adoption: Financial services organisations ranked security, privacy, and compliance issues as the most concerning when running applications within public cloud solutions (62%). 30% of respondents were less concerned with public cloud capacity as the security of sensitive data is most important, and organisations are looking for different answers.

Investment in hyper-converged infrastructure shows the industry’s confidence in private cloud: Nearly 50% of financial sector respondents say they’ve either fully deployed hybrid cloud or are in the process of doing so, and 38% report they will be deploying HCI within the next two years. 

This investment is directly aligned with increased private cloud adoption: as HCI reduces the time it takes to build the software-defined, scalable infrastructure necessary to support private cloud.

Financial services organisations are looking to optimise their cloud usage: The sector’s top motivations for modernising its IT infrastructure is to gain greater control of IT resource usage (59%) and to gain the speed (58%), and flexibility needed (55%) to meet business requirements.

They must also invest in talent to support a hybrid cloud environment as over a third of financial services respondents say they don’t have enough employees with the skills needed to manage mixed private and public cloud environments. 

Furthermore,  34% said they lacked expertise in cloud-native technologies and containers. These issues have contributed to organisational struggles to fully adopt hybrid cloud.

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