Capgemini Research Institute reveals divide in cloud adoption goals for banks, fintech firms: Report
Updated 11/14/2024 3:54:00 PMArab Finance: The Capgemini Research Institute has published the World Cloud Report for Financial Services 2025, highlighting a major difference in how traditional banks and new-age fintech firms approach cloud technology investments, as per an emailed press release.
According to the report, 84% of banks and insurers focus on cloud solutions primarily to boost operational efficiency.
Meanwhile, 62% of fintech and insurtech companies adopt cloud technology to drive sales growth.
The report identifies that only 12% of financial services firms are “cloud innovators,” meaning they lead in adopting advanced cloud strategies. However, traditional institutions are increasingly aware of cloud technology’s importance.
Between 2020 and 2023, mentions of cloud-related terms in annual reports of the top 40 banking and insurance firms worldwide rose by 26%.
Despite rising interest, companies face obstacles in maximizing the value of cloud adoption. Operational issues are slowing down the returns on cloud investments, impacting executive satisfaction.
Fewer than 40% of executives report high satisfaction with their cloud solutions, especially regarding reduced costs (33%), scalability (27%), innovation (26%), advanced analytics (24%), and improved security and compliance (21%).
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