View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Software
November 1, 2011

Financial services CIOs consider cloud banking as their top priority: Gartner

39% FS CIOs expect that the half of their transactions will be processed via SaaS by 2015

By CBR Staff Writer

A Gartner survey found that cloud is the top priority for global financial services (FS) CIOs and that 39% of the survey respondent expect that more than half of all their transactions will be supported via cloud infrastructure and software as a service (SaaS) by 2015.

Forty-four per cent of FS CIOs in Europe, the Middle East and Africa (EMEA) expect that more than half of all their institutions’ transactions will be supported via cloud infrastructure by 2015, and 33% of them expect that the majority of transactions will be processed via SaaS by 2015.

Gartner managing vice president Peter Redshaw said early cloud adoption, especially in the FS sectors, may have been limited to non-core areas and proofs of concept, but it is set to go mainstream, moving the heart of the business, transaction origination and processing, into the cloud.

"Cloud banking should be innovative, dedicated to this industry and transformative. Cloud banking has the ability to drive ‘creative destruction," Redshaw said.

"As well as helping to improve or optimize an existing service or process, cloud banking can provide the wealth – or the freedom – to try completely new services and processes, such as reverse auctions and third-party core banking systems, maybe even running them in parallel.

"Successful new cloud services can displace the existing and dominant process for design, distribution or transacting in a disruptive way, rather than just incrementally improving them."

Cloud is a top priority for banks that need to continue a long-term focus on efficiency and support the CEO’s growth strategy by becoming more flexible and agile to support new business models, new markets, new channels, and new products, the report said.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.