Study Shows Financial Services Organizations are in Early Phases of Multicloud Adoption
May 17 2022 - 9:00AM
Business Wire
Research Reveals Hybrid Multicloud is the Ideal
IT model, but the Financial Services Industry is Slower to
Adopt
Nutanix (NASDAQ: NTNX), a leader in hybrid multicloud computing,
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.
“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,” said Anand Akela, VP of Product and Solutions
Marketing at Nutanix. “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.”
Financial services survey respondents were asked about their
current cloud challenges, how they’re running business and
mission-critical applications now, and where they plan to run them
in the future. Respondents were also asked about the impact of the
pandemic on recent, current, and future IT infrastructure decisions
and how IT strategy and priorities may change because of it. Key
findings from this year’s report include:
- Financial services organizations face multicloud
challenges, including security (50%), integrating data across
clouds (46%), and performance challenges with network overlays
(43%). Given that nearly 78% cited the lack of some IT skills to
meet current business demands, simplifying operations is likely to
be a key focus in the year ahead. However, IT leaders are realizing
that there is no one-size-fits-all approach to the cloud, making
hybrid multicloud ideal according to the majority of respondents
(82%). This model will help address some of the key challenges of
multicloud deployments by providing a unified cloud environment on
which security and data governance policies can be applied
uniformly.
- Application mobility is top of mind. Nearly all
financial services respondents (98%) have moved one or more
applications to a new IT environment over the last 12 months,
likely from traditional datacenters to private clouds given the
industry’s relatively low multicloud and public cloud penetration.
Faster app development (43%) was most often cited as the reason for
the move, followed closely by security (42%), and integrating with
cloud-native services (40%). Additionally, with a large majority
(83%) agreeing that moving applications to a new environment can be
time-consuming and costly, it’s expected that the adoption of
containers will rise in step with multicloud deployments to enable
apps to run and move nearly anywhere quickly and easily. Among
financial services respondents, 86% said that containers will be
important to their organizations within the next year.
- Top financial services IT priorities for the next 12 to 18
months include improving security posture (54%), improving
multicloud management (49%), and developing and/or implementing
cloud-native technologies (47%). When asked what their
organizations had done differently because of the pandemic, 70%
said they had increased spending to strengthen their security
posture, 64% spent more on increasing AI-based self-service
automation, and 64% invested in infrastructure upgrades.
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.
To learn more about the report and findings, please download the
full Nutanix Enterprise Cloud Index, here.
About Nutanix
Nutanix is a global leader in cloud software and a pioneer in
hyperconverged infrastructure solutions, making clouds invisible,
freeing customers to focus on their business outcomes.
Organizations around the world use Nutanix software to leverage a
single platform to manage any app at any location for their hybrid
multicloud environments. Learn more at www.nutanix.com or follow us
on social media @nutanix.
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Abby Evans pr@nutanix.com
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