BFS firms expect more from partners in cloud journeys

• Around 74% of the global BFS firms strongly agree that they are focusing on managing investments more effectively in infrastructure. The role of cloud has evolved from being a mere change agent to a dominant business enabler in BFS firms. Given this situation, service providers have more to cash in on the aspirations of the BFS firms.
• BFS firms are eager to build a culture to create and deliver products and services digitally, irrespective of location and underlying technology through their cloud deployments.
• Working with inefficient processes and legacy systems are among the top 3 challenges that BFS firms face in the context of adopting cloud.
  • 60% of global BFS firms cite inefficient processes as the major hurdle to adopting cloud.
  • Around 46% of global BFS firms point to the legacy systems as key challenge.

The Bottom Line: Banks have higher expectations from cloud. Given this situation, service providers should sharpen their pencils as technical skills are not enough. Moreover, they should be ready to go well beyond implementation and management. BFS firms want proven results from moving their workloads to the cloud, which they want to accomplish in a few months and not in a few years.