The State Of Cloud In Financial Services, 2023

April 25th, 2023

Tracy Woo Principal Analyst

Meng Liu Senior Analyst

Alexander Soley Researcher

With contributors:

Lauren Nelson , Devin Dickerson , Charlie Dai , Arthur Ross , Diane Lynch

Financial services (FS) enterprises are major investors in technology, with sizable budgets and unparalleled requirements for availability and resilience. Early cloud investment focused on modernizing data centers for private cloud requirements, but aside from digital newcomers, public cloud investments were slow in coming. This has changed. The increase in consumer demand, pandemic pressures, and rise of industry clouds have pushed FS to move inexorably into the cloud to gain the benefits that the hyperscalers offer — and with lasting impact. This report discusses the current state of cloud in the FS sector and informs FS cloud leaders on the trends and challenges to expect.

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