Increasing Cloud Use [Trend To Watch]
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Increasing Cloud Use [Trend To Watch]

Gartner recently put out a press release that is quite memorable. It begins with: “By 2020, a corporate ‘no-cloud’ policy will be as rare as a ‘no-internet’ policy is today.”

The chances are low that many companies maintain such success-hindering policies, but there are plenty of companies out there that are slow adopters, especially in heavily regulated industries.

Gartner supports the belief that companies will continue deploying software in a mixed fashion, but will increasingly choose the cloud as the first option. A hybrid use of the cloud, which leverages the public cloud, private cloud, and/or dedicated servers, will be most common in the coming years.

The research and advisory company also made a few other bold predictions about the cloud:

  • By 2019, more than 30% of the 100 largest vendors’ new software investments will have shifted from cloud-first to cloud-only.
  • By 2020, more compute power will have been sold by Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS) cloud providers than that sold and deployed into enterprise data centers.

As financial institutions continue their efforts to become more efficient at a time when regulatory demands and low interest rates dominate the news cycle, the cloud remains an area that provides real hope.

Headlines, such as “J.P. Morgan Creates Executive Role to Lead Cloud Services,” stress what’s important to a financial services company and reinforce that the focus area is real. JPMorgan’s hiring of Harish Grama as the chief information officer for cloud services testifies to this.

According to JPMorgan’s chief information officer, Dana Deasy, “the successful adoption of cloud technology is essential.” The company’s “evolving hybrid cloud model will help its technologists grow innovation, standardization and productivity in a secure and stable environment, plus have more efficiencies through shared platforms.”

JPMorgan is no stranger to the cloud. It currently benefits from the use of an internal private cloud; however, an ongoing initiative is considering leveraging a public cloud provider, such as Amazon Web Services (AWS) or Google. Moving forward, the bank has said it’s even interested in developing its own original applications in the cloud.

Expect to see cloud become even more ubiquitous in 2017.

To read about the 14 other trends that we believe will take place in the financial services industry in 2017, click here or simply fill out the form below to download our newest guide.

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