Cloud Computing in Banking - Thematic Intelligence
Summary
The advantages of using cloud computing in the banking industry are extensive. It can help companies modernize infrastructure, scale operations, reduce costs, improve resiliency, and build new revenue streams and services. Cloud-based systems have helped banks adapt to the rise in remote working, increased customer app use, and associated security and fraud risks. It is now a question of how banks should migrate to the cloud, not if. Ensuring a smooth, tailored, and targeted cloud migration is essential, especially in a heavily regulated industry like banking.
A siloed approach to banking IT management is outdated and unsuitable. Different approaches to choosing infrastructure include multi-cloud, public cloud, hybrid cloud, and private cloud. Deciding on which to use means compromising between system control and customization and scalability, leading to the rule of thumb: deploy on private and scale on public. Some banks use a hybrid approach, including on-premise, private, and public clouds. This offers control, flexibility, and easy scaling but comes at a price, as on-premise hardware must still be maintained.
Scope
- According to GlobalData forecasts, global spending by retail banks on cloud computing in 2022 amounted to $39 billion. It is expected to reach $83 billion by the end of 2026.
- GlobalData’s Enterprise ICT Investment Trends 2022 survey found that most retail banks already have considerable exposure to cloud infrastructure and are continuing with their cloud implementations.
- The cloud can offer quick and agile deployment of cybersecurity. A bank can outsource its cybersecurity management at a lower cost by using cloud managed services. Cloud can also help banks to standardize their processes and data management.
- Determine potential investment companies based on trend analysis and market projections.
- Gain an understanding of the market challenges and opportunities surrounding the cloud computing theme.
- Learn how spending on cloud will fit into the overall market and which spending areas are being prioritized.
- Executive Summary
- Cloud Computing Value Chain
- Key players in the cloud computing value chain
- Cloud services (PaaS and IaaS)
- Cloud services (SaaS)
- Cloud professional services
- Banking Challenges
- The Impact of Cloud Computing on Banking
- How cloud computing helps resolve the challenge of cybersecurity
- How cloud computing helps resolve the challenge of personalization
- How cloud computing helps resolve the challenge of COVID-19
- How cloud computing helps resolve the challenge of embedded finance
- How cloud computing helps resolve the channel shift
- How cloud computing helps tackle cost containment and revenue generation
- How cloud computing helps resolve the challenge of ESG
- Case Studies
- Orange Business helped a Nordic digital-only bank modernize its platform
- Amdocs’ ‘at scale’ cloud model is deployed across 12 global banks
- Understand your structure
- Set targets and a plan on how to achieve them
- Make workflow teams with their own targets
- Begin with governance and regulation
- Retire old assets
- Natwest adopted AWS’s PaaS machine learning solution
- Circeo scaled its platform and complied with regulations using Red Hat Open Shift
- Data Analysis
- Market size and growth forecasts
- Cloud services
- Cloud infrastructure
- Mergers and acquisitions
- Patent trends
- Company filings trends
- Hiring trends
- Cloud computing timeline
- Companies
- Leading cloud computing adopters in banking
- Leading cloud computing vendors
- Specialist cloud computing vendors in banking
- Sector Scorecard
- Retail banking sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Key challenges facing the banking sector
- Table 2: Mergers and acquisitions
- Table 3: Leading cloud computing adopters in banking
- Table 4: Leading cloud computing vendors
- Table 5: Specialist cloud computing vendors in banking
- Table 6: Glossary
- Table 7: GlobalData reports
- List of Figures
- Figure 1: Key players in the cloud computing value chain
- Figure 2: Enterprise cloud spending falls into three categories
- Figure 3: The cloud computing value chain: PaaS and IaaS
- Figure 4: The cloud computing value chain: SaaS
- Figure 5: The cloud computing value chain: Cloud professional services
- Figure 6: Retail bank budgets for all cloud types are increasing
- Figure 7: Some key considerations for banks before and during cloud adoption
- Figure 8: Thematic impact assessment
- Figure 9: Global cloud services revenue in retail banking will reach $58 billion by 2026
- Figure 10: Global cloud infrastructure revenue is expected to reach $20 billion by 2026
- Figure 11: Cloud patent activity slowed significantly in 2022
- Figure 12: Cloud computing innovation in banking is led by Chinese institutions and China-based companies
- Figure 13: The number of cloud-related mentions in bank’s company filings peaked in 2021 at 6,924
- Figure 14: The top banking companies mentioning cloud in their financial reports
- Figure 15: Cloud-related job vacancies in banking increased by 437% between January 2020 and April 2022
- Figure 16: Banks in the US are posting the majority of cloud computing jobs
- Figure 17: The cloud computing story
- Figure 18: Who does what in the retail banking space?
- Figure 19: Thematic screen
- Figure 20: Valuation screen
- Figure 21: Risk screen
- Figure 22: Our five-step approach for generating a sector scorecard
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