Cloud adoption must happen now for banks to stay competitive

- GFT conducts original research which confirms the critical importance of cloud adoption

- Banks who implement an effective cloud strategy now will be among the first to unlock lasting competitive advantages

- Skills shortages and lack of experience stop progress

- GFT Cloud Services Framework underpins GFT's work with world's leading banks

LONDON, Nov. 16, 2021 /PRNewswire/ -- Cloud comes first - 95% of banking executives cite speed to market as a driver for embracing the cloud. But banks can't do it on their own.

Representatives from 21 global financial firms confirm that since 2018 cloud migration has become a business-critical reality. GFT's original Hybrid and Multicloud Research Summary is available to download here. Standout findings include:

• 86% have chosen the cloud for its unlimited scale opportunities
• 62% cited organisational culture and inertia as a key challenge
• 81% of respondents chose the cloud to optimise costs

GFT Cloud Business Unit addresses skills shortage

One area of major concern is that severe skills shortages remain an industry-wide issue. Despite this, GFT has amassed a deep pool of certified and experienced cloud engineering and subject matter expertise, enabling clients to accelerate their cloud adoption and migration goals by applying practical and objective advice and guidance based on many years of experience.

Alpesh Tailor, Head of GFT's Global Cloud Business Unit, commented: "The report highlights several key areas where the GFT Global Cloud team already plays an important role. It's particularly relevant because of our extensive knowledge gained from working with all the major cloud vendors. We have proven experience implementing complex technology solutions within highly regulated enterprises. To add, our new Cloud Services Framework, which underpins the entire cloud migration and adoption journey, will resonate with clients and prospects worldwide.

The summary of GFT's original research 'Think Cloud. Use Cloud. Be Cloud; for a secure and sustainable future', provides analysis of this important research and its impact on the financial services industry.