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
Cardiac Dimensions ® Announces Three Major Publications Demonstrating Long-Term Durability, Real-World Performance, and Broad Patient Benefit of the Carillon Mitral Contour System ®8.7.2026 17:05:00 EEST | Press release
Cardiac Dimensions, a leader in transcatheter therapies for heart failure, today announced the publication of three major manuscripts that together form the most comprehensive evidence base ever assembled for transcatheter indirect mitral annuloplasty. These publications span a five-year multi-center commercial registry, the largest single-center experience across both preserved and reduced ejection fraction, and long-term survival results through ten years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260707656796/en/ Carillon Mitral Contour System® The Carillon Mitral Contour System is the only commercially available indirect mitral annuloplasty device, designed to treat a broad and expanding population of patients living with functional mitral regurgitation. The newly published data further strengthen the clinical foundation for the therapy as Cardiac Dimensions advances toward regulatory submissions in the United State
First Randomized Controlled Trial Shows Promise of a Ketogenic Diet in Psychotic Disorders8.7.2026 16:00:00 EEST | Press release
Published today in Schizophrenia Bulletin, a first-of-its-kind randomized controlled trial (RCT) from researchers at the University of California, San Francisco (UCSF), and funded in part by the National Institute of Mental Health (NIMH), adds to growing literature on the potential benefit of a ketogenic diet for treating psychotic disorders. The study, which enrolled participants with schizophrenia-spectrum or bipolar-1 disorders, demonstrated rapid metabolic improvements with a ketogenic diet compared to diet-as-usual during an initial one-month RCT open-label phase. Furthermore, those who continued with the optional four-month single-arm ketogenic diet extension saw meaningful gains across metabolic, psychiatric, and cognitive measures. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260618626815/en/ First Randomized Controlled Trial Shows Promise of a Ketogenic Diet in Psychotic Disorders Of the 58 participants enrolled,
Teamily AI Publicly Launches Human+AI Social Platform to Make Building and Growing a Company Easy for Every Team8.7.2026 16:00:00 EEST | Press release
Teamily AI (https://Teamily.ai), together with its Agentic AI Infra platform TensorOpera AI (https://TensorOpera.ai), today announced the public launch of its Human+AI social platform, a product stack that has already served more than 5 million users around the world. Starting today in Palo Alto and rolling out simultaneously across dozens of countries, this first public launch opens the full stack to everyone with a single mission: to make building and growing a company easy for every person and every team. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260708584390/en/ "This is the moment we open our doors to the world," said co-founders Dr. Aiden Chaoyang He and Professor Salman Avestimehr. "We want every person and every team to be able to move from idea to product, from product to market, and from market to growth and investment, with an AI-native team by their side." At its core, Teamily AI enables humans and AI agents
Leo Cancer Care Raises $65M Series D to Scale Its Integrated Upright Cancer Care Platform8.7.2026 15:30:00 EEST | Press release
Leo Cancer Care, the medical technology company working to reinvent how patients are imaged and treated by designing systems around the body’s natural upright position, today announced the close of an oversubscribed $65 million Series D financing. The round was led by Silicon Valley’s Yu Galaxy and welcomes new investors including Eventide Asset Management, alongside continued support from the company’s existing investors. Leading cancer institutions are already adopting the upright approach. Stanford Medicine delivered the world’s first compact upright proton therapy treatment on 4 June 2026. Dana-Farber Cancer Institute and McLaren Health Care are among the institutions bringing the upright platform into their programmes — adoption that spans world-leading academic centers and smaller, regional community-based networks alike. The financing will scale manufacturing and accelerate commercial deployment, and continue clinical and product development across Leo Cancer Care’s integrated u
Fastly Joins DIMPACT to Collaborate on Digital Sustainability8.7.2026 15:00:00 EEST | Press release
Fastly, Inc. (NASDAQ: FSLY), a leading global edge cloud platform, today announced it has become a participant of DIMPACT, the coalition of leading organizations working to align industry changemakers and policymakers around meaningful, science-based solutions that reduce the environmental impacts of serving digital media products. As the first edge cloud platform provider to join the coalition, Fastly brings critical, real-world edge network data and infrastructure expertise and a transparent approach to emissions calculation and reporting to help major media, streaming, and publishing companies understand and optimize their digital carbon footprints. “We’re thrilled to welcome Fastly to the DIMPACT initiative. Their participation strengthens DIMPACT's ability to advance a more accurate, data-driven approach to measuring and reducing digital emissions,” said Jason Bell, Director at SLR Consulting and Executive Sponsor of DIMPACT. “Accurately calculating digital emissions requires a de
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