A naukri.com initiative
Global Fintech Series
15h
124
Image Credit: Global Fintech Series
Majority of banks and insurers struggle to maximize the value from their cloud investments
- Less than 40% of financial services executives are highly satisfied with their cloud outcomes.
- Most banks and insurers adopt cloud solutions with the primary business objective to drive operational efficiency (84%).
- Fintechs and insurtechs pursue cloud to accelerate sales (62%).
- Challenges are due to firms taking a lift-and-shift approach to cloud migration.
- Fewer than 40% of executives say they are highly satisfied with their cloud solution’s outcomes broadly.
- Banks and insurers face multiple challenges handling financial data like legacy systems impeding siloed data integration (71%).
- 81% of executives find the lack of appropriate technology impedes their business goals.
- Traditional financial institutions currently fall short in maturity and skills needed for AI, predictive analytics, and robotic process automation.
- Only 12% of financial services organizations can be considered ‘cloud innovators’.
- To accelerate operational efficiency and innovation, the report suggests banks and insurers must apply a data-driven, cloud-focused approach.
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