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Financial services ahead of other sectors in hybrid cloud adoption

Chris Kozup, SVP of Global Marketing at Nutanix

Cloud computing enabler Nutanix has published its Enterprise Cloud Index Report for financial services revealing that the sector outpaces other industries in the adoption of hybrid cloud. Nutanix said the deployment of hybrid cloud in financial services has reached 21% penetration, compared to the global average of 18.5%.

Financial services firms, it said, are facing mounting competitive pressure to streamline operations while delivering a differentiated experience to their customers, including leveraging new technologies such as blockchain. This driver, combined with the growing burdens of regulatory compliance, data privacy, and security issues, is pushing CIOs to fundamentally transform the technological underpinnings of their institutions, concluded its report.

Nutanix said it is also clear from the survey results that many financial organisations are still struggling with modernising their outdated legacy IT architectures and processes, resulting in inefficient operations and potential vulnerability to data breaches. In fact, the report revealed financial services run more traditional data centres than other industries, with 46% penetration. Despite their progressiveness on the hybrid cloud front, financial organisations have lower usage levels of private clouds than any other industry, at 29% penetration compared to the average of 33%.

“Increased competitive pressure combined with higher security risks and new regulations will require all of the industry to look at modernising their IT infrastructure,” said Chris Kozup, SVP of Global Marketing at Nutanix. “The current relatively high adoption of hybrid cloud in the financial services industry shows that financial firms recognise the benefits of a hybrid cloud infrastructure for increased agility, security, and performance. However, the reality is that financial services firms still struggle to enable IT transformation, even though it is critical for their future.”

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