The majority of Asia/Pacific banks are in the first stages of cloud maturity, according to IDC Financial Insights research. This finds a higher preference for enterprise private cloud architecture than public. Super-regional institutions will set the pace and best practices in the location, control, ownership, and management of data in the cloud. IDC predicts that the next two years will be a tipping point for uptake among Asia/Pacific banks.
It also believes that at least 80% will run on a hybrid cloud architecture by 2018. A significant part of the CIO role will now mean managing different types of clouds in operation. “With growing regulatory support for cloud and the intensifying competitive pressures forcing Asia/Pacific banks to look at what cloud can offer in terms of cost take-out and quicker go-to-market, cloud adoption will scale up this 2017. IDC sees a group of 20 Asia/Pacific banks that are effectively cloud-first in architecture. Early adopters will enjoy cost take-out of up to 20% between now and 2019,” says Michael Araneta, Associate Vice President for IDC Financial Insights Asia/ Pacific.
“Banks will need to identify which assets, infrastructure, and applications can first move to cloud. Application owners from the business must work with IT to put a lens on workloads, data, and systems, and look for those that are already tuned for cloud and the implications that the migration to cloud will have on business objectives,” adds Sneha Kapoor, Senior Research Manager for IDC Financial Insights Asia/Pacific.