Enhancing Cloud Adoption in Financial Services
Key Findings from a Global Survey
- 87% of firms have increased their investment in cloud over the past two years
- 82% use hybrid/multi-cloud strategy
- 91% are advancing AI via cloud
Financial services firms are rapidly embracing cloud technologies to enhance their agility, resilience, and innovation. A recent survey by LSEG, a leading global financial markets infrastructure and data provider, reveals that 87% of firms have increased their cloud spending in the past two years.
The survey, which polled 453 financial services executives, found that the primary drivers of cloud adoption are scalability, revenue growth, and AI enablement.
Hybrid/Multi-Cloud Strategies on the Rise
- 82% of firms operate with either a multi-cloud or hybrid-cloud strategy
- 47% cite the sophistication of cyberattacks as their primary worry
- 92% say operational resilience is a critical or very important factor when selecting a cloud provider
The survey highlights the shift toward flexibility and risk diversification, with 82% of firms now using a multi-cloud or hybrid-cloud strategy. However, this evolution also comes with its challenges, such as adjusting to regulatory frameworks like the EU’s Digital Operational Resilience Act (DORA) and General Data Protection Regulation (GDPR).
Stuart Brown, Group Head of Data & Feeds, LSEG, emphasizes that cloud adoption is no longer a technology or engineering decision, but a key business imperative. Companies are driving meaningful value from cloud, improving operational resilience, and preparing for the next wave of innovation.
AI and Machine Learning: The Next Wave of Innovation
- 91% of firms are advancing AI via cloud
- Generative AI, fraud detection, and risk management are top use cases
The survey reveals that 91% of firms are either already using or planning to use cloud services for AI initiatives within the next 12 months. Generative AI, fraud detection, and risk management are the top use cases for AI adoption.
Moreover, 84% of respondents say their organizations are somewhat or very advanced in AI adoption, with investment firms leading the way.
Tangible Benefits of Cloud Adoption
- 54% of respondents report that they have migrated and are already seeing value
- 83% of firms using cloud for risk management have already completed migration
The survey found that firms are seeing tangible benefits from cloud adoption, particularly in areas like risk management, customer engagement, and enterprise data access. For instance, 83% of firms using cloud for risk management have already completed migration.
Measuring Cloud Value
- 51% assess cloud success by scalability
- 47% by revenue growth
- 47% by improved security and resilience
Interestingly, ROI is increasingly measured by strategic outcomes: 51% assess cloud success by scalability, 47% by revenue growth, and 47% by improved security and resilience.
Cloud Service Models: A Changing Landscape
- 43% use SaaS, but there is growing interest in PaaS and IaaS
The survey found that SaaS remains dominant today, but there is growing interest in Platform as a Service (PaaS) and Infrastructure as a Service (IaaS). This could signal that firms may be preparing to build more bespoke applications in-house.
In conclusion, the survey highlights the importance of cloud adoption in financial services, driven by strategic outcomes such as scalability, revenue growth, and AI enablement. As firms look to the future, they must navigate the challenges of regulatory frameworks and security concerns while reaping the benefits of cloud adoption.
About LSEG
LSEG is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.
Key Statistics
| Statistic | Value |
|---|---|
| Percentage of firms with increased cloud spending | 87% |
| Percentage of firms using hybrid/multi-cloud strategy | 82% |
| Percentage of firms advancing AI via cloud | 91% |
Generative AI, fraud detection, and risk management are the top use cases for AI adoption. Moreover, 84% of respondents say their organizations are somewhat or very advanced in AI adoption, with investment firms leading the way.
The survey highlights the importance of cloud adoption in financial services, driven by strategic outcomes such as scalability, revenue growth, and AI enablement. As firms look to the future, they must navigate the challenges of regulatory frameworks and security concerns while reaping the benefits of cloud adoption.
CLOUD ADOPTION IN FINANCIAL SERVICES: A GROWING TRENDS
Cloud Adoption in Financial Services: A Growing Trend
Financial services firms are rapidly embracing cloud technologies to enhance their agility, resilience, and innovation. A recent survey by LSEG, a leading global financial markets infrastructure and data provider, reveals that 87% of firms have increased their cloud spending in the past two years.
Key Findings
- 87% of firms have increased their investment in cloud over the past two years
- 82% use hybrid/multi-cloud strategy
- 91% are advancing AI via cloud
The survey highlights the shift toward flexibility and risk diversification, with 82% of firms now using a multi-cloud or hybrid-cloud strategy. However, this evolution also comes with its challenges, such as adjusting to regulatory frameworks like the EU’s Digital Operational Resilience Act (DORA) and General Data Protection Regulation (GDPR).
AI and Machine Learning: The Next Wave of Innovation
The survey reveals that 91% of firms are either already using or planning to use cloud services for AI initiatives within the next 12 months. Generative AI, fraud detection, and risk management are the top use cases for AI adoption.
Tangible Benefits of Cloud Adoption
The survey found that firms are seeing tangible benefits from cloud adoption, particularly in areas like risk management, customer engagement, and enterprise data access. For instance, 83% of firms using cloud for risk management have already completed migration.
Measuring Cloud Value
Interestingly, ROI is increasingly measured by strategic outcomes: 51% assess cloud success by scalability, 47% by revenue growth, and 47% by improved security and resilience.
Cloud Service Models: A Changing Landscape
SaaS remains dominant today, but there is growing interest in Platform as a Service (PaaS) and Infrastructure as a Service (IaaS). This could signal that firms may be preparing to build more bespoke applications in-house.
Conclusion
The survey highlights the importance of cloud adoption in financial services, driven by strategic outcomes such as scalability, revenue growth, and AI enablement. As firms look to the future, they must navigate the challenges of regulatory frameworks and security concerns while reaping the benefits of cloud adoption.
Cloud Adoption in Financial Services: Driving Business Innovation
Unlocking the Potential of Cloud Adoption in Financial Services
Financial services firms are increasingly adopting cloud technologies to enhance their agility, resilience, and innovation. A recent survey by LSEG reveals that 87% of firms have increased their cloud spending in the past two years, driven by strategic outcomes such as scalability, revenue growth, and AI enablement.
Key Statistics
| Statistic | Value |
|---|---|
| Percentage of firms with increased cloud spending | 87% |
| Percentage of firms using hybrid/multi-cloud strategy | 82% |
| Percentage of firms advancing AI via cloud | 91% |
The survey highlights the importance of cloud adoption in financial services, driven by strategic outcomes such as scalability, revenue growth, and AI enablement. As firms look to the future, they must navigate the challenges of regulatory frameworks and security concerns while reaping the benefits of cloud adoption.
About LSEG
LSEG is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.
Key Statistics
| Statistic | Value |
|---|---|
| Percentage of firms with increased cloud spending | 87% |
| Percentage of firms using hybrid/multi-cloud strategy | 82% |
| Percentage of firms advancing AI via cloud | 91% |
Driving Business Innovation with Cloud Adoption
Unlocking the Potential of Cloud Adoption in Financial Services
Financial services firms are increasingly adopting cloud technologies to enhance their agility, resilience, and innovation. A recent survey by LSEG reveals that 87% of firms have increased their cloud spending in the past two years, driven by strategic outcomes such as scalability, revenue growth, and AI enablement.
Key Statistics
| Statistic | Value |
|---|---|
| Percentage of firms with increased cloud spending | 87% |
| Percentage of firms using hybrid/multi-cloud strategy | 82% |
| Percentage of firms advancing AI via cloud | 91% |
The survey highlights the importance of cloud adoption in financial services, driven by strategic outcomes such as scalability, revenue growth, and AI enablement. As firms look to the future, they must navigate the challenges of regulatory frameworks and security concerns while reaping the benefits of cloud adoption.
About LSEG
LSEG is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.
Key Statistics
| Statistic | Value |
|---|---|
| Percentage of firms with increased cloud spending | 87% |
| Percentage of firms using hybrid/multi-cloud strategy | 82% |
| Percentage of firms advancing AI via cloud | 91% |
Unlocking the Potential of Cloud Adoption in Financial Services
A Growing Trend in Cloud Adoption
Financial services firms are increasingly adopting cloud technologies to enhance their agility, resilience, and innovation. A recent survey by LSEG reveals that 87% of firms have increased their cloud spending in the past two years, driven by strategic outcomes such as scalability, revenue growth, and AI enablement.
Key Findings
- 87% of firms have increased their investment in cloud over the past two years
- 82% use hybrid/multi-cloud strategy
- 91% are advancing AI via cloud
The survey highlights the shift toward flexibility and risk diversification, with 82% of firms now using a multi-cloud or hybrid-cloud strategy. However, this evolution also comes with its challenges, such as adjusting to regulatory frameworks like the EU’s Digital Operational Resilience Act (DORA) and General Data Protection Regulation (GDPR).
AI and Machine Learning: The Next Wave of Innovation
The survey reveals that 91% of firms are either already using or planning to use cloud services for AI initiatives within the next 12 months. Generative AI, fraud detection, and risk management are the top use cases for AI adoption.
Tangible Benefits of Cloud Adoption
The survey found that firms are seeing tangible benefits from cloud adoption, particularly in areas like risk management, customer engagement, and enterprise data access. For instance, 83% of firms using cloud for risk management have already completed migration.
Measuring Cloud Value
Interestingly, ROI is increasingly measured by strategic outcomes: 51% assess cloud success by scalability, 47% by revenue growth, and 47% by improved security and resilience.
Cloud Service Models: A Changing Landscape
SaaS remains dominant today, but there is growing interest in Platform as a Service (PaaS) and Infrastructure as a Service (IaaS). This could signal that firms may be preparing to build more bespoke applications in-house.
Conclusion
The survey highlights the importance of cloud adoption in financial services, driven by strategic outcomes such as scalability, revenue growth, and AI enablement.
