Why Financial Services Firms Are Struggling To Succeed With Cloud Computing

Mention ‘cloud’ and the responses from financial services executives will run the gamut. While some will happily list the many benefits of a cloud-enabled business, others might still be figuring out how to get maximum value from their cloud initiatives. Recent research by Accenture
ACN
on cloud outcomes found that only 40% of banks and less than half of insurers fully achieved their expected outcomes from migrating to cloud.

Cost savings, in particular, have proved elusive, with the research revealing that only 1 in 3 banks and capital markets firms reporting that their expectations have been fully met. There’s little doubt that, as a result of this, tough discussions are taking place in the C-suites and boardrooms of financial services firms around the world.