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Cloud adoption in European financial markets

Barriers and the way forward

Prabhakaran Pitchandi

Global Head, Analytics and Insights - BFSI, TCS

Arpit Bhargava

Managing Consultant, Consulting and Service Integration, BFSI, TCS

Arun Kumar Balraj

Client Partner, BFSI Europe, TCS

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Cloud technologies are a key enabler for digital innovation in financial institutions.

Financial firms have accelerated cloud adoption in recent times. With cloud computing, company are able to reduce costs, improve service performance, and respond to changes in the business environment with agility. Evolving customer demand has compelled financial institutions to strategically handle data and technology. One of the main concerns for them is the secure storage and sharing of sensitive data, and the cloud plays a crucial role in enabling this.

Typically, financial firms opt for hybrid and multi-cloud environments – while hybrid cloud allows firms to use different deployment models with on-premise resources to store sensitive data, a multi-cloud ecosystem allows them to choose the service that best fits them.

Politecnico di Milano, with the support of Tata Consultancy Services (TCS) and Deutsche Börse AG, conducted research into the current state of cloud adoption in the European financial market. The following points capture the main highlights of the research:

  • Data valorization is a key consideration for European financial institutions to adopt cloud technologies.
  • European financial institutions are open to sharing sensitive data on the cloud and so, they largely use public and hybrid cloud environments.
  • By allowing data to be shared among different stakeholders in an ecosystem, European financial institutions benefit from analytics and insights. However, there are implications over regulations and security.
  • Despite the emergence of new technologies like distributed ledger technology (DLT), financial firms in Europe allocate more fund to cloud technologies.
  • Protecting the security and privacy of data emerged as a crucial barrier to adopting public and hybrid cloud environments.

As part of the research, 18 senior IT executives from 15 leading European financial services firms were interviewed. To know more about the study and the outcomes, click here.

About the authors

Prabhakaran Pitchandi
Prabhakaran is the Global Head of Analytics and Insights in the Banking, Financial Services, and Insurance (BFSI) group at TCS. He has created a lab ecosystem for chief data officers (CDOs) focused on artificial intelligence (AI) and machine learning (ML).
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Arpit Bhargava
Arpit has close to 17 years of experience in capital markets across securities market infrastructure, custodians, central banks, commercial banks, and asset and wealth management.
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Arun Kumar Balraj
Arun has over 24 years of experience in capital markets. In his current role, he is responsible for creating new customer relationships as well as nurturing existing ones.
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