The financial sector outpaces all other industries in hybrid cloud deployments—hosting workloads in both private and public cloud—but trail others in their use of multiple public cloud services. According to enterprise cloud computing firm Nutanix’s second Enterprise Cloud Index Report, 60% of respondents called out security as the single biggest influence on future cloud strategies. Additionally, because so many organisations struggle to migrate workloads between environments, financial services companies have the highest percentage of traditional data centres (59%) delivering key applications. Yet, in the face of digital transformation, the sector faces mounting pressure to modernise IT and to make services more convenient for end-users. Together, this explains why nearly 18% of financial companies have deployed hybrid cloud today, while 51% plan to shift investment to hybrid cloud in just three to five years.
“As a result of the Covid-19 outbreak, banks and financial services companies are looking to improve operational efficiency, and accelerate time to market, while keeping IT costs and spends in check—and they are relying on the cloud and apps to deliver it. In this new multi-cloud, new business reality—hybrid cloud has become the infrastructure of choice as the BFSI sector prepares for even greater disruption ahead,” said Balakrishnan Anantharaman, VP and MD-Sales, India and SAARC, Nutanix.
Additional findings of the report:
Nearly three-quarters of financial companies surveyed (71%) shared their plans to move one or more applications running in a public cloud back on-premises.
Financial services selected “support for remote/branch office users” as a motivator for cloud decisions nearly 30% of the time, a significantly higher percentage than cross-industry averages.
Data showed that financial companies are running the highest percentage of data centers today. Accounting in part for this trend is dissatisfaction with public cloud, with only 39% of financial services companies reporting public cloud services were completely meeting their expectations.
