A majority of financial services firms believe an integrated mix of private and public cloud infrastructure is the best IT model amid an increased focus on compliance following the Hayne royal commission.
The survey from enterprise cloud computing firm Nutanix found that the financial services industry is outpacing other industries in the adoption of hybrid cloud, with deployment reaching 21 per cent penetration, compared with the global average of 18.5 per cent.
It found that 91 per cent of financial services organisations surveyed said that hybrid cloud was the ideal IT model. It said this was likely driven by the recognised need for digital transformation.
Nutanix vice president of Australia/New Zealand, ASEAN and India Neville Vincent, said that, in the wake of the royal commission, the Australian financial services industry is increasingly shifting spend to regulatory and compliance-focused technologies to improve transparency.
“By their nature, these technologies typically deliver less ‘business value’ while still being a high expense, and an increasingly complex, cross-functional one at that,” Mr Vincent said.
“Banks need to think about the infrastructure investments such as regtech sit on to maximise value, ensure they run smoothly and contribute to rebuilding the industry’s credibility and improving customer service.
“We see hybrid cloud as being vital to that and the fact that more than 90 per cent of financial services organisations see it as the ideal IT model is telling.”