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Study Shows Financial Services Organizations are in Early Phases of Multicloud Adoption

Nutanix

Nutanix announced the financial services findings of its global 2022 Enterprise Cloud Index (ECI) survey and research report, which measures enterprise progress with cloud adoption in the industry. The research showed that fewer financial services organizations have adopted multicloud than any other industry surveyed, trailing the global average by 10%. However, adoption is expected to nearly double from 26% to 56% in the next three years, in line with the global trend of evolving to a multicloud IT infrastructure that spans a mix of private and public clouds. 

Among financial services ECI respondents, 31% are still operating non-cloud-enabled three-tier datacenters as their only IT infrastructure. They also reported having the lowest deployment of all industries surveyed in public cloud usage, with 59% using no public cloud services compared to 47% globally, likely due to substantial existing legacy investments in applications and the highly regulated nature of the industry. The complexity of managing across cloud borders remains a major challenge for financial services organizations, with 84% of respondents agreeing that success requires simpler management across multicloud infrastructures, and 50% citing security concerns as a challenge to the multicloud model. To address top challenges related to security, interoperability, and data integration, 82% agree that a hybrid multicloud model, an IT operating model with multiple clouds both private and public with interoperability between, is ideal. 

Anand Akela, VP of Product and Solutions Marketing at Nutanix, said, “While the financial services industry appears to be in the early phases of deployment, the evolution to an interoperable multicloud IT infrastructure that spans a mix of private and public clouds is underway,”  “As information security and operational resiliency remain front and center for financial services organizations, they must look to hybrid multicloud solutions with integrated manageability and security, and the ability to quickly move apps among cloud infrastructures cost-effectively.”  

For the fourth consecutive year, Vanson Bourne conducted research on behalf of Nutanix, surveying 1,700 IT decision-makers around the world in August and September 2021. This report is supplemental to the global Fourth Annual Enterprise Cloud Index master report and focuses on cloud deployment and planning trends in the financial services industry, based on the responses of 250 IT professionals in banks and insurance companies across the globe. It compares the cloud plans, priorities, and experiences of these organizations to other industries and the global response base overall.  

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