Capco and Wipro FullStride Cloud Services global study finds financial services companies� cloud goals are focused on business and revenue growth.
LONDON & NEW YORK–(BUSINESS WIRE)–Financial services leaders cite increased future revenues (62%) and improved future profitability (52%) as leading reasons to deploy cloud technologies, according to a new financial services study by Capco, the global technology and management consultancy, and Wipro FullStride Cloud Services.
In the report entitled Clouds Transformation of Financial Services Capco and Wipros cloud experts take a deeper look at the financial services data collected in the Wipro 2021 global survey and report Making Business Thrive: A Cloud Leader Roadmap for Achieving 10x ROI. The report identifies the key trends and opportunities ahead and offer insights to allow financial services institutions (FSIs) to become cloud leaders. Wipros FullStride Cloud Services study incorporated 1,300 responses from C-suite executives and key decision-makers across 11 industries, of which 26% were drawn from financial services specifically, banking, insurance and capital markets, including wealth advisory and asset management firms.
Looking exclusively at the financial services and insurance-related dataset within the main study new findings include:
1. The top three ways COVID has impacted the operations of FSIs:
2. FSIs have started their journey toward full digital implementation in the cloud, and anticipate moving forward to realize that vision.
3. Cloud investments have paid off for FSIs in terms of both their top and bottom lines:
4. Over the next two years, financial services leaders expect to make their most significant cloud investments in:
5. The top three obstacles to cloud implementation listed by FSIs were as follows:
Peter Kennedy, Partner & Cloud Lead at Capco, said: We believe financial services firms often do not consider the total cost benefits when measuring return on investment (ROI) on the cloud. Only 40% cited benefits arising from decreased non-IT costs, and even fewer measure reduced carbon footprint, accelerated time to market, or improved productivity.
Commenting on perceived obstacles, to cloud implementation, Kennedy added: Roadmaps that chartered a digital journey for the entire organization were slow to emerge, if at all. Early in the transformation process it is crucial to develop an enterprise-wide cloud strategy and roadmap that details technology choices, governance measures and spending priorities, and that moderates other potential battlegrounds that can dilute implementation. He also noted that the survey results reinforce that training, recruitment, and retention are fundamental competencies that need careful and early planning or risk snagging an institutions shift to the cloud: An average of 25% of FSIs said limited access to cloud skills and talent along with a need for training were serious impediments to successful cloud implementations.
Download Capcos research report Clouds Transformation of Financial Services to discover practical and actionable recommendations for financial services leaders on how to design and expedite a successful journey to the cloud.
About Capco, A Wipro Company
Capco is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capcos cutting-edge ingenuity is brought to life through its Innovation Labs, and award-winning BYAW culture and diverse talent. To learn more, visit www.capco.com or follow us on Twitter, Facebook, YouTube, LinkedIn, Instagram, and Xing.
About Wipro
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 220,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
Contacts
Media:
Malea Lydon
BackBay Communications
capco@backbaycommunications.com
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