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Financial services firms embrace cloud, but value proves somewhat elusive

Financial services has long been one of the more innovative sectors when it comes to applying technology to market opportunities and problem-solving. And many in the industry are embracing cloud as a key part of digital transformation.

When asked to describe how their organization views cloud, 38% of the financial services executives in our PwC US Cloud Business Survey tell us cloud is central to their business strategy and critical to revenue growth. That compares with an average of 28% for all sectors. The increased recognition of cloud as a means to strategic advantage indicates that cloud is moving beyond cost savings and productivity enhancement toward new capabilities and new business models.

Bar chart, statements that best describes how your organization views cloud

Q: Please select the statement that best describes how your organization views cloud. Base: 90

Nearly all of our financial services respondents (92%) characterize their company’s cloud maturity as high (have scaled it throughout the business) or medium (adopted cloud in many parts of the business). And 94% of the financial services firms are using more than one cloud service provider, compared with 71% for all sectors.

Despite the strong commitment to cloud, however, many financial services firms indicate they’re not realizing substantial value. Industry respondents had lower than average responses for enhancing employee experience, increasing profits and improving talent retention and recruitment.

What’s keeping financial firms from gaining more value? One of the biggest problems may be that most haven’t changed the metrics they use to reflect new benefits that are possible with the shift to cloud. Achieving the full benefits of cloud transformation requires change across the organization in culture, operating models, talent and skills. The constant is the focus on the customer and on business outcomes. Cloud provides the opportunity for faster innovation, scalability, data-driven insights and unique partnerships that, when anchored in the business strategy, can enable impressive products, services and customer experiences.

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Ali Khan

Financial Services Advisory Principal, PwC US

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