Public cloud adoption has been growing steadily in many industries. Financial institution (FI) cloud adoption has been slower, though, because these firms are heavily regulated due to the large amount of confidential financial customer information they possess. FI information security; risk and compliance; and ecosystem management, integration, and control preferences are exceedingly high. As a result, many banking applications in the public cloud today are not mission critical or do not directly expose core systems and databases.
This report focuses on public cloud adoption in financial services, and addresses public cloud adoption to date, market drivers making public cloud more attractive to financial institutions, and issues that financial institutions should assess when planning and executing their technology transformation and public cloud migration strategies.