REPLY: “Cloud in Financial Services” Report Shows Cloud Services Transforming How Value Is Created in the Financial Services Sector
29.11.2021 11:30:00 EET | Business Wire | Press release
“Cloud in Financial Services”, a joint report by Reply and Imperial College Business School, provides a one of a kind, in-depth look at how the cloud is set to transform financial services.
“Cloud services are here to stay within financial services and the pandemic has only accelerated the move” – commented Nelson Phillips, Professor of Technology Management at the University of California (formerly Professor of Innovation and Strategy and Associate Dean of External Relations at Imperial College Business School) – “But financial institutions need to be strategic in the adoption and there are important questions that need to be addressed as firms progressively move more activity to the cloud. There are significant strategic and organisational challenges that need to be dealt with to ensure cloud adoption is successful and that firms derive maximum value from the move.”
Naturally, “Cloud in Financial Services” takes these strategic and organizational challenges head on, addressing the major topics that concern all c-suite executives, such as productivity, compliance and costs. Likewise, the piece will inform its readers of all the ins and outs of cloud transformation.
For the financial services industry the future is cloud, an affirmation supported in this report by its accompanying survey, conducted with nearly 300 financial services organizations. In fact, when asked to choose the top three benefits of the cloud, respondents to this survey identified on-demand scalability (60%), the possibility to speed up implementation of new capabilities (51%) and by its ability to enable innovation (44%), all indicators of a forward-looking mentality. Operational efficiency gains and increased cyber resilience as cloud benefits where not too far behind (29%).
That said, financial institutions do face a number of challenges when moving to the cloud. In selecting the top three issues here, respondents singled out regulatory and compliance concerns (74%), lack of cloud expertise or cultural readiness within the stakeholder community (59%) and dependence on third-party cloud service providers (47%). The need to balance the risk of (excessive) reliance on third-party suppliers (i.e., CSPs) was also a point of concern for many financial institutions. Not surprisingly, a lack of suitable suppliers and the business case not being compelling enough were identified as the least salient challenges.
Cyber security is perhaps the matter for which the “Cloud in Financial Services” report unearthed the most striking paradox. A large percentage of respondents noted that the cloud significantly enhanced their security positions versus the traditionally hosted systems. However, many respondents stressed that security concerns were among the most challenging issues encountered in transitioning to the cloud.
As noted by Freddy Gielen, Executive Partner at Reply: “This report will show that the speed and impact of cloud adoption are highly dependent upon the availability of the right people, the existence of the right culture, and the readiness of leaders. Getting the technology right without having the right people, culture and leadership in place will not result in the business impact and return on investment that is possible from a well-managed transition to the cloud.”
Indeed, perhaps the most revealing aspect of the survey was that experience matters: the more experience respondents had with cloud the more they recognised that a well-executed cloud implementation can improve business. And it is here that this report, by drawing on wisdom from more than 5,000 Reply cloud projects (1,000 of which in financial services), will provide the reader with concrete and decisive information that can help set the course for a pleasant journey to the cloud.
To learn more, download the full report “Cloud in Financial Services”.
Reply
Reply [MTA, STAR: REY, ISIN: IT0005282865] specialises in the design and implementation of solutions based on new communication channels and digital media. As a network of highly specialised companies, Reply defines and develops business models enabled by the new models of AI, big data, cloud computing, digital media and the internet of things. Reply delivers consulting, system integration and digital services to organisations across the telecom and media; industry and services; banking and insurance; and public sectors. www.reply.com
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211129005093/en/
Contact information
Media
Reply
Fabio Zappelli
f.zappelli@reply.com
Tel. +390117711594
Aaron Miani
a.miani@reply.com
Tel. +44 (0)20 7730 6000
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Venture Global Announces Closing of $2.25 Billion of Senior Secured Notes12.6.2026 00:00:00 EEST | Press release
Venture Global LNG, Inc. (“Venture Global”) announced today that its wholly-owned subsidiary, Venture Global LNG, Inc. (the “Issuer”) has closed its offering of $1.125 billion aggregate principal amount of its 6.375% senior secured notes due 2034 (the “2034 Notes”) and $1.125 billion aggregate principal amount of its 6.625% senior secured notes due 2036 (the “2036 Notes” and, together with the 2034 Notes, the “Notes”). The Issuer used the gross proceeds from the offering to redeem all of the Issuer’s outstanding 8.125% senior secured notes due 2028 (the “Existing 2028 Notes”) and used cash on hand to pay the redemption premium and related fees and expenses for the offering and the redemption. The 2034 Notes will mature on December 15, 2034, and the 2036 Notes will mature on June 15, 2036. The Notes were issued at par. The Notes will initially not be guaranteed by any of the Issuer’s subsidiaries. In the future, certain of the Issuer’s subsidiaries that incur or guarantee certain amount
Venture Global and Atlantic-SEE Announce Expansion of Long-Term LNG Sales and Purchase Agreement with Greece11.6.2026 23:30:00 EEST | Press release
Today, Venture Global, Inc. (NYSE: VG) and ATLANTIC – SEE LNG TRADE S.A. of Greece announced an expansion of their existing Sales and Purchase Agreement (SPA) for the purchase of U.S. liquefied natural gas (LNG) from Venture Global for twenty years starting in 2030. Under the deal, Atlantic-SEE is doubling their existing contract with Venture Global from a minimum of 0.5 million tonnes per annum (MTPA) to 1.0 million tonnes per annum (MTPA). Atlantic-SEE LNG is a newly formed joint venture announced in November at the 6th Partnership for Transatlantic Energy Cooperation (PTEC) conference hosted in Athens, Greece between Greek companies AKTOR Group and DEPA Commercial. The announcement of this expanded supply agreement follows Venture Global’s previously announced investment in regasification capacity at the Alexandroupolis LNG import terminal in Greece, which currently accounts for approximately 25% of the terminal’s total capacity. The Alexandroupolis LNG FSRU receiving terminal and S
Merrithew ® Expands Global Mindful Movement Leadership with Acquisition of the GYROTONIC ® Organization11.6.2026 18:30:00 EEST | Press release
Merrithew®, a global leader in mindful movement education and equipment and creator of internationally recognized programs including STOTT PILATES®, ZEN•GA®, Halo® Training and Total Barre®, today announced the acquisition of the GYROTONIC® organization, creator of the globally respected GYROTONIC® and GYROKINESIS® methods. Founded by Juliu Horvath, the GYROTONIC® and GYROKINESIS® methods are internationally recognized for their distinctive approach to movement, combining fluidity, strength, mobility, coordination, and rehabilitation through specialized equipment and movement sequences. Practiced in studios and wellness centers worldwide, the methods have cultivated a deeply loyal global community of instructors, trainers, therapists, and movement professionals. The acquisition marks a significant milestone in Merrithew International Inc.’s growth strategy and reflects Merrithew’s commitment to growing the rapidly expanding global mindful movement category. The addition of the GYROTONI
GigaDevice Expands Optical Communication Portfolio with New GD32E512 and GD32E252 Series MCUs for Optical Modules11.6.2026 17:00:00 EEST | Press release
GigaDevice, a leading semiconductor company specializing in Flash memory, 32-bit microcontrollers (MCUs), sensors, and analog products, has introduced the new GD32E512 and GD32E252 series MCUs specifically designed for optical module applications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260611850679/en/ Empowering Optical Interconnect Innovation, GigaDevice Unveils Dedicated MCUs for Optical Modules. As a leading supplier of MCUs for optical module applications, GigaDevice has maintained a strong focus on the optical communication market, continuously aligning its product development with evolving industry requirements and next-generation optical interconnect technologies. Leveraging years of expertise in optical module control solutions, GigaDevice has established a strong position in the market through continuous innovation and close collaboration with industry partners. To further support the advancement of high-sp
Saudi Arabia at the Center of the Global Water Industry as IDWS 2026 Reshapes the Future of Water11.6.2026 16:47:00 EEST | Press release
In an increasingly resource-constrained world, water has become critical to both economic growth and national security, driving demand for global leadership in sustainability, innovation, and water solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260611388456/en/ Saudi Arabia at the Center of the Global Water Industry as IDWS 2026 Reshapes the Future of Water (Graphic: AETOSWire) The Saudi Water Authority has announced the return of the Innovation Driven Water Sustainability Conference (IDWS), taking place from 7 to 9 December 2026 at The Ritz-Carlton, Jeddah, as the Kingdom consolidates its position at the center of the global water conversation. As home to one of the world’s most advanced and rapidly evolving water management ecosystems, Saudi Arabia currently operates more than 500 water production facilities across the Kingdom with total water production capacity exceeding 16.2 million cubic meters per day. The
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom