New Survey Finds Financial Service Companies Increasingly Using Cloud Tech

Worldwide, most financial services companies are using some form of cloud technology, with 83% reporting they are using the technology as part of their computer infrastructure, according to a new Harris Poll released by Google Cloud.

Financial service institutions in North America are leading the way in cloud adoption, with 54% in the U.S. saying they use the technology, followed by 52% in Canada, the survey found. As companies adopt the technology, they are moving core functionality to the cloud, with 54% saying their workloads are fully deployed in the cloud. The segments most fully adopting the cloud are data and IT security at 74%, regulatory reporting at 57% and fraud detection and prevention, also at 57%. Core underwriting activity and data reconciliation ranked lowest at 40% and 47%, respectively.

Of those using the cloud, 38% said they are using a hybrid cloud model and 28% said they are using a single cloud. Seventeen percent responded that they use a multi cloud-approach and 88% of those not using multiple clouds reported that they are considering adopting that strategy in the next 12 months.