Global banking forecast? Plenty of cloud. Protiviti MDs on accelerating banking transformation
- By 2025, core banking workload deployment on cloud is expected to be 14% of total IT spend.
- Banks are grappling with outdated applications; data is siloed and trapped within legacy systems and not accessible for customer insights and tailored experiences and services.
- Regulatory changes in Australia, the UK and U.S., in GDPR and APRA standards for data privacy and operational resiliency, are also impacting the financial sector and can be directly mitigated with the security, resilience and scalability of cloud technologies
Protiviti Managing Directors David Kissane, Global Leader of Enterprise Cloud, and Alex Setchin with Enterprise Cloud in Australia, sat down with Joe Kornik, Editor-in-Chief of VISION by Protiviti, to discuss some of the trends and investment priorities they are seeing in the financial services industry, including insights from Gartner’s Future of Cloud Computing in 2027: From Technology to Business Innovation. Kissane and Setchin also share some of the ways Protiviti is helping business leaders strategically address banking transformation and digitalisation with cloud technologies.
Legacy technology spend is declining dramatically year over year, with a 47% decline expected in 2023, according to Gartner.
Cloud concentration and lock-in and third-party it risks are some of the key regulatory callouts in terms of principles and guidelines.