![]() ![]() Furthermore, the IT landscape at financial institutions is particularly varied, with 40-year-old applications running alongside more modern systems. There is good reason for this hesitancy, since cloud migration is uniquely complex for financial institutions. These examples are still outliers in the financial sector, where most companies have been tentative about moving to cloud at scale. And another European bank has partnered with a leading cloud service provider (CSP) to develop AI-based cyber-defense capabilities to improve security for its customers. Another bank in Asia that migrated more than half of its workloads to the cloud can now develop and launch multiple new products rapidly and at scale in international markets. One European bank was able to deliver the same output with 20 to 30 percent smaller teams, after onboarding them on DevSecOps and cloud. Some early adopters are already making inroads into this pool of value. A McKinsey analysis found that Fortune 500 financial institutions alone could generate as much as $60 billion to $80 billion in run-rate EBITDA in 2030 by making the most of the cost-optimization levers and business use cases unlocked by cloud. Given the value at stake, this sense of urgency is hardly surprising. McKinsey survey of 120 C-level executives from regional banks, large commercial banks, payments providers, and other financial institutions, conducted in 2020 McKinsey Infrastructure and Cloud webinar 2020. ![]() More than half of the survey respondents-54 percent-said they expect to shift at least half of their workloads to the public cloud over the next five years. But migration to the cloud is gathering momentum. Among the financial-services leaders who took part in a recent McKinsey survey, only 13 percent had half or more of their IT footprint in the cloud. Most financial institutions today have a presence in the cloud, but adoption in the financial-services sector is still at a relatively early stage. ![]()
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