Seven in 10 bank IT executives said they see incorporating cloud technology into products as a key way to help them achieve their business priorities, according to a recent survey released by banking software company Temenos.
The top driver for adopting cloud technology was cost reduction, cited by 40% of respondents in the survey of more than 200 global banking IT executives. Other top drivers of the technology were the adoption of artificial intelligence (34%), business agility (24%) and to improve customer experience (21%). The survey also found that 82% of banking IT executives say that they have a clear strategy for adopting cloud technology.
Turning to the risks related to cloud technology, 59.5% of respondents said that the security and privacy of data stored by third-party providers was their biggest concern. Uncertainty around how cloud infrastructure is and will be regulated in the future was seen as a top risk by 43.9% of respondents. Questions around legal liability and compliance of data stored by third-party providers was seen as a top risk by 41%.