Chapter 1
The realities of cloud migration
Summary
Financial institutions are making significant progress in cloud adoption, with 96% reporting that half or more of their business systems are in the cloud. Key challenges in scaling data and analytics initiatives include integration and interoperability (68%), data quality and consistency (58%), and scalability and performance (55%).
Organisations see opportunities in innovation (66%), scalability (62%), and flexibility (59%). To align data and analytics capabilities with strategic objectives, firms are focusing on developing cloud-based platforms, driving innovation, and establishing dedicated teams for data-driven decision-making.
What percentage of your business systems are currently in the cloud?
51-75%
76-90%
26-50%
10-25%
91-100%
What percentage of your business systems are currently in the cloud?
10-25%
26%-50%
51%-75%
76%-90%
91%-100%
What are the key challenges in scaling data and analytics initiatives in the cloud? (Respondents were asked to select all that apply)
Integration and interoperability
Data quality and consistency
Scalability and performance
Data governance and security
Talent and skills
Cost optimisation
Internal resistance
Other
“Scaling data and analytics initiatives in the cloud isn't just a technological challenge, it's an organisational one. You're dealing with data governance complexities, integration hurdles, cost management, and talent gaps, all while trying to maintain peak performance. So, it’s no surprise to hear that survey respondents ranked integration and interoperability as their top challenge. With the right approach, moving to the cloud is a shift that can lead to unprecedented insights and growth potential.”
Dmitry (Mitya) Miller, Senior Vice President, General Manager, Arcesium
What are the key opportunities in scaling data and analytics initiatives in the cloud? (Respondents were asked to select all that apply)
Innovation
Scalability
Flexibility
Cost efficiency
Collaboration
Competitive advantage
Time to market
“The survey responses offer valuable insights into how organisations are seeking to align data and analytics with their strategic objectives. A recurring theme is the critical role of modernisation and centralisation efforts, particularly in leveraging technology to drive operational efficiency. This suggests a strong focus on building a robust data foundation that supports innovation and empowers data-driven decision-making across the organisation."
Betsy Bobkoski, Head of Account Management & Sales Enablement, Arcesium
