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
Oscilloquartz delivers assured timing for mission-critical harsh environments with ruggedSync ™ Series OSA 55101.6.2026 15:00:00 EEST | Press release
Oscilloquartz today launched its ruggedSync™ Series OSA 5510, a ruggedized timing and synchronization platform engineered for defense and other harsh, mission-critical environments. Designed for deployment in tactical communications networks, mobile command centers (MCCs), aviation systems and other highly demanding operational environments, the OSA 5510 combines PTP grandmaster and NTP server functionality with synchronization assurance and resilient holdover in a compact MIL-qualified platform. Multi-band GNSS support, encrypted and authenticated timing options and environmental protection enable operation in contested and GNSS-denied environments where trusted synchronization must be maintained. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260601763766/en/ Oscilloquartz’s ruggedSync™ Series OSA 5510 delivers resilient, high-precision timing for mission-critical defense networks. “Our new ruggedSync™ Series OSA 5510 exte
Vertex Announces US FDA Acceptance of Biologics License Application for Accelerated Approval of Povetacicept in IgA Nephropathy1.6.2026 15:00:00 EEST | Press release
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced the U.S. Food and Drug Administration (FDA) has accepted its Biologics License Application (BLA) submission for povetacicept, an investigational engineered fusion protein and dual inhibitor of the BAFF (B cell activating factor) and APRIL (a proliferation inducing ligand) cytokines, in adults with immunoglobulin A nephropathy (IgAN). The FDA has assigned a Prescription Drug User Fee Act (PDUFA) target action date of November 30, 2026. If approved, povetacicept will become the first commercialized therapy in Vertex’s emerging nephrology franchise. “The Phase 3 RAINIER trial is the largest conducted in IgAN and achieved full enrollment faster than any contemporary IgAN trial, reflecting the significant unmet need in IgAN and our urgency to bring povetacicept to patients with this serious disease,” said Nia Tatsis, Ph.D., Executive Vice President and Chief Regulatory and Quality Officer at Vertex. “With today’s FDA accepta
Winston Taylor Completes Historic Transatlantic Combination1.6.2026 14:01:00 EEST | Press release
Winston Taylor announces today that Winston & Strawn and Taylor Wessing’s U.K.-led business have officially launched as a single combined firm, creating a premier transatlantic law firm built for the needs of the businesses, people, and markets driving capital and innovation. One of the largest transatlantic firms, with more than 1,400 lawyers spanning the United States, the United Kingdom, Europe, Latin America, and the Middle East, Winston Taylor is built to meet clients’ evolving global needs for counsel. “As Winston Taylor, we are centered on a client-first approach and will be working shoulder to shoulder with our clients at the cutting edge of industry and ingenuity,” said Chairman Steve D’Amore. “With that common purpose, we are leveraging both strength and scale by integrating our teams and offices at record speed, working at pace to create a firm that is aligned, focused, and built for the day-to-day needs of our clients as well as their breakthrough moments.” Winston Taylor o
Kinaxis Appoints Kristin Russel as Chief Marketing Officer1.6.2026 14:00:00 EEST | Press release
Kinaxis® Inc. (TSX:KXS), a global leader in end-to-end supply chain planning and orchestration, today announced the appointment of Kristin Russel as Chief Marketing Officer (CMO). Russel will lead Kinaxis’ global marketing organization, overseeing marketing strategy, corporate and market positioning, digital and brand marketing, communications and go-to-market initiatives. Russel will also take the main stage at Kinexions, where she will discuss practical steps organizations can take to move from decisions to outcomes in an increasingly complex operating environment. A tenured marketing executive and recognized industry leader, Russel brings deep experience scaling technology companies and building high impact brands. She joins Kinaxis from symplr, where she served as Chief Marketing Officer and led the development and execution of the company’s comprehensive marketing strategy across branding, digital and product marketing, public relations, community outreach programs, channel partne
Samsung Electronics Begins Shipment of Industry-First HBM4E Samples1.6.2026 13:57:00 EEST | Press release
Samsung Electronics, a global leader in advanced memory technology, has begun shipping the industry's first 12-layer HBM4E samples to major global customers, further strengthening its leadership in the next-generation HBM market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260601979564/en/ Samsung's 12-layer HBM4E Following the industry’s first mass production and commercial shipment of its industry-leading HBM4 earlier this year, Samsung now extends its HBM roadmap with the introduction of HBM4E samples, addressing the rapidly evolving demands of AI computing and hyperscale infrastructure. "Following the successful mass production of HBM4, Samsung has once again demonstrated its distinct technological edge with HBM4E," said Sang Joon Hwang, Executive Vice President and Head of Memory Development at Samsung Electronics. "Through our advanced manufacturing capabilities and preemptive infrastructure investments, we will con
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