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Financial services and the cloud- now or never

January 18, 2019 / Nikhil Taneja

The time is right for the financial services (FS) industry to leverage the power of the cloud. It dovetails quite nicely with retail banking’s competitive moves to provide users with more flexible choices, banking simplification and an improved, positive customer experience. Indeed, I am encouraged that roughly 70% of my financial services customers are looking to move more services to the cloud, and approximately 50% have a cloud-first strategy.This is a departure from the FS industry’s history with the public cloud. Historically, it has shied away from cloud adoption—not because it’s against embracing new technologies for business improvement, but because it is one of the most heavily regulated and frequently scrutinized industries in terms of data privacy and security.