BENGALURU: Banks have now increased cloud spending and they are more likely to increase spending on cloud in the year ahead, according to Infosys’ Cloud Radar: Banking Industry Report.
Though banks are ready to spend on new cloud capabilities, many are not using all the cloud that they have already committed too as its survey found that banks have consumed only 49% of the cloud they have committed to.
The report says the prime era of initial cloud migration was 2012-2014 and that the nature of corporate cloud has changed. Also, its research found that banks spend on average $33 million annually for cloud services in line with its global average.
The survey results also show that as cloud systems develop additional capabilities, companies are increasingly turning to cloud to replace outdated technologies and add new functionality.
Unused Cloud capabilities
Though banks are ready to spend on new cloud capabilities, many are not using all the cloud that they have already committed too as its survey found that banks have consumed only 49% of the cloud they have committed to.