World Cloud Report 2023

Challenged by macroeconomic volatility and other market dynamics, the financial services industry is struggling to maintain business growth momentum. As a result, many firms are strategically embracing digital transformation, and adoption of cloud-enabled solutions is essential to gaining competitive advantage.

The findings in this inaugural World Cloud Report – Financial Services reflect global survey responses from 500 banking and insurance executives responsible for cloud decision-making and 200 senior executives at FinTech, Insurtech, and technology/cloud companies; 30+ senior cloud experts across the industry also participated in focused interviews. Key results include:

• Financial services institutions can overcome business challenges and unleash growth through superior customer experience and operational excellence – and the right platform is critical.
• Composable platforms can help redefine processes, move to the cloud, and integrate cloud-enabled customer-facing applications and core back-end functionalities.
• A comprehensive cloud migration strategy and roadmap, and the implementation of an effective cloud target operating model, are keys to success.