IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

Why the financial services industry is rapidly embracing hybrid cloud

Fri 29 Mar 2019
FYI, this story is more than a year old

Nutanix revealed that the financial services Industry, FSI, outpacing other industries in the adoption of hybrid cloud, with the deployment of hybrid cloud reaching 21% penetration today, compared with the global average of 18.5%.  

The findings were announced in the enterprise cloud leader’s Enterprise Cloud Index Report for the financial services sector, measuring financial firms’ plans for adopting private, public and hybrid clouds.

Financial services firms today are facing mounting competitive pressure to streamline operations while delivering a differentiated experience to their customers, including leveraging new technologies such as blockchain. 

This FinTech revolution, combined with the growing burdens of regulatory compliance, data privacy, and security issues are pushing CIOs to fundamentally transform the technological underpinnings of their institutions. The report reveals exactly how the financial services industry is embracing the capabilities of cloud computing to address these needs.

It is also abundantly clear from the survey results that many financial organisations are still struggling with modernising their outdated legacy IT architectures and processes, resulting in inefficient operations and potential vulnerability in regards to data breaches. 

In fact, the report revealed financial services run more traditional data centers than other industries, with 46% penetration. Despite their progressiveness on the hybrid cloud front, financial organisations have lower usage levels of private clouds than any other industry, at 29% penetration compared to the average of 33%.

Like other industries, the financial services sector cites security and compliance as the top factor in deciding where to run its workloads. Nearly all respondents also indicated that performance, management, and TCO are critical factors in the decision. 

However, more than 25% cited these same factors as challenges with adopting public cloud. In other words, as is often the case with new IT solutions, the most important criteria are also the most difficult to achieve. 

This could account for part of the disparity between the high desire to adopt hybrid cloud and today’s relatively low hybrid cloud penetration levels of just 21% in the financial services sector.

The bullish outlook for hybrid cloud adoption globally and across industries is reflective of an IT landscape growing increasingly automated and flexible enough that enterprises have the choice to buy, build, or rent their IT infrastructure resources based on fast transforming application requirements. 

Related stories
Top stories
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
SOTI
Australian consumers loyal to retailers who deliver speed and visibility
SOTI finds extensive order visibility and speed are the most important factors for turning one-off customers into loyal, long-term buyers.
Story image
Digital
Ivanti puts spotlight on power of employee digital experiences
The report revealed that 49% of employees are frustrated by the tech and tools their organisation provides and 64% believe this impacts morale.
Story image
Artificial Intelligence
Juniper study reveals top AI trends in APAC region
Juniper's research shows an increase in enterprise artificial intelligence adoption over the last 12 months is yielding tangible benefits to organisations.
Story image
Microsoft
ASI Solutions named finalist of Microsoft Surface Partner of the Year
"ASI Solutions has a strong Microsoft focus, building value by helping customers maximise investment in modern workplace solutions."
Story image
Identity and Access Management
Ping Identity named a Leader in Access Management
Ping Identity has been named a leader in the 2022 KuppingerCole Leadership Compass report for Access Management. 
Story image
Cybersecurity
FIDO Alliance releases guidelines for optimising UX with FIDO Security Keys
The new guidelines aim to accelerate multi-factor authentication deployment and adoption with FIDO security keys.
Story image
Cybersecurity
Zero trust security adoption rises 27% in just two years
A survey of WAN managers has revealed that multi-factor authentication and single sign-on are the top zero trust features implemented.
Story image
Data ownership
Brands must reclaim trust by empowering data ownership
According to Twilio's new State of Personalisation Report 2022, 62% of consumers expect personalisation from brands, and yet only 40% trust brands to use their data responsibly and keep it safe.
Story image
Digital Transformation
Google Cloud launches new Digital Accelerator bundles for Aussie SMBs
The new bundles are designed to help Australian small and medium-sized businesses embrace digital transformation and take their businesses online.
Story image
Citrix
The best ways to attract young talent during labour shortages
New research from Citrix reveals hybrid working and ventures into the metaverse are top of mind for Gen Z workers.
Story image
Robotics
Evonik relies on Getac F110 tablet to control autonomous robot
The aim of the project is to evaluate the practicality of an automated robotic maintenance and inspection solution in the chemical industry.
Story image
Cybersecurity
Zscaler launches co-located data centres in Canberra and Auckland
The investment will offer public and private sector enterprises greater resilience in support of their zero trust cybersecurity posture.
Story image
Oracle Cloud
Commvault, Oracle to deliver Metallic Data Management as a Service
"We are excited to partner with Commvault and enable our customers to restore and recover their most mission-critical cloud data."
Story image
Dicker Data
EXCLUSIVE: Why women in IT makes good business sense - Dicker Data
The Federal government wants to bolster female participation in the tech industry to at least 40% by 2030. Here's how one homegrown Australian company has already reached that goal.
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image
Story image
Robotic Process Automation / RPA
Salesforce announces latest generation of MuleSoft
Salesforce has introduced the next generation of MuleSoft, a unified solution for automation, integration and APIs to automate any workflow.
Story image
Metaverse
How the metaverse will change the future of the supply chain
The metaverse is set to significantly change the way we live and work, so what problems can it solve in supply chain management?
Story image
Manufacturing
Sutton Tools deploys Infor M3 CloudSuite for manufacturing
Sutton Tools has also implemented the Infor OS cloud operating platform, including Infor Intelligent Open Network and Mongoose.
Story image
Voice recognition
Renesas and Cyberon expand services with voice recognition
“We are honoured to collaborate with Renesas to simplify the development of embedded voice recognition functions."
Story image
MSP
Video: 10 Minute IT Jams - An update from CyberArk
Olly Stimpson joins us today to discuss the importance of MSP programmes and how MSP partners are experiencing success with CyberArk.
Story image
MarTech
Martech experts reveal the “buzz” on personalisation
In the digital age, innovative technology must be leveraged to power an efficient and effective relationship marketing strategy.
Story image
Hybrid workforce
Why hybrid working is here to stay and how to ace it
Citrix's new report reveals hybrid workers are more productive and engaged at work than their office and completely remote counterparts.
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Civil Defence
OutSystems platform chosen as part of ADF contract
"To be included in this project is a reflection of our ability to deliver secure, modern digital outcomes for defence at an incredible pace."
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Mergers and Acquisitions
SAS acquires Kamakura to propel risk technology innovation
Underscoring SAS growth in the domain-specific solutions space, the acquisition will enable SAS to greatly enhance the breadth of its risk solutions portfolio. 
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image
Story image
Infrastructure
Oracle Cloud Infrastructure expands distributed cloud services
“Distributed cloud is the next evolution of cloud computing, and provides customers with more flexibility and control in how they deploy cloud resources."
Story image
Macquarie Data Centres
Macquarie deal to pioneer CO2-cutting data centre tech in Australia
Macquarie Data Centres has signed a multi-year deal with ResetData, an Australian first provider using Submer data centre technology. 
Story image
Public Cloud
Public cloud services revenues top $400 billion in 2021
"For the next several years, leading cloud providers will play a critical role in helping enterprises navigate the current storms of disruption."
Story image
Microsoft
SAS wins Microsoft ISV 2022 Partner of the Year award
"We formed the SAS and Microsoft strategic partnership with a shared goal of making it easier for customers to drive better decisions in the cloud."
Story image
BitTitan
How to achieve your monthly recurring revenue goals
Monthly recurring revenue (MRR) is the ultimate goal, the most important issue on which anyone in the IT channel should focus.
Story image
Digital Transformation
What CISOs think about cyber security, visibility and cloud
Seeking to uncover the minds of CISOs and CIOs across Asia Pacific, my company recently asked Frost & Sullivan to take a snapshot of cloud adoption behaviour in the region.
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why its time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Story image
Migration
SNP unveils next generation of CrystalBridge software platform
Data is a key pillar of every customer-centric organisation, as it relies on agile decisions to become increasingly sustainable and intelligent.
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image