Cloud Outlook 2021: Cloud Is Increasingly Becoming a Primary Route for Financial Services Collaboration, Innovation, and Transformation

Cloud Outlook 2021: Cloud Is Increasingly Becoming a Primary Route for Financial Services Collaboration, Innovation, and Transformation

This IDC Perspective provides recommendations for Asia/Pacific financial services organizations as cloud is increasingly becoming a primary route for financial services collaboration, innovation, and transformation. This cloud outlook 2021 underscores key six market trends that continue to define cloud demand and consequently the future of cloud in financial services in 2021 and beyond.Sneha Kapoor, research manager, IDC Financial Insights, says, "Cloud will continue to be a significant foundational pillar for collaboration, innovation, and transformation for financial services for the foreseeable future. The COVID-19 maelstrom has significantly accelerated the demand for digital transformation, whereas technology investments are under more scrutiny to deliver more for less. This has urged organizations to pivot to cloud services to secure scalable, resilient, available, and agile IT operations to be most effective." She adds, "The ability to shift cloud spending from capex to opex has proven to be a successful enabler for future cloud investments, scalability, and availability requirements."IDC Financial Insights expects that by 2023, 85% of tier-1 and tier-2 APEJ banks will curate an infrastructure strategy by coalescing on-premises/dedicated private clouds and multiple public clouds, along with legacy platforms, to assuage their many infrastructure requirements. Clay Miller, senior executive advisor, IDC Financial Insights, says "Hybrid cloud environments and the use of multiclouds mean a more agnostic experience for delivering container-based workloads. Expanding microservices will offer increased tangible benefits and leverage developer independence, scalability, and rapid deployment capabilities."

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