With digital adoption in full swing, it's intriguing to see how the financial industry leverages cloud technologies. Here’s what IDC data tells us:
Currently, 31% of banks have embraced cloud platforms for some aspect of their #payments processing. This is not just a fleeting trend; nearly half of the banks surveyed are gearing up to increase their cloud payments solutions within the next year.
The #cloud adoption for payments processing is not uniform across the globe or within bank sizes. While 40% of European banks have operational payments processing in the cloud, only 21% in the Americas and 24% in the U.S. have followed suit. Interestingly, mid-sized banks with 5,000-9,999 employees are taking the lead in this domain, but we can expect larger institutions to jump on the bandwagon by next year.
However, about 11% of global banks are taking a step back, shifting some of their payments processing from the cloud to on-premise solutions. This move is most pronounced among U.S. banks, highlighting the complex decision-making involved in tech adoption.
As banks continue to balance #innovation with security and regulatory #compliance, it’s clear that cloud platforms are becoming a significant part of the industry’s infrastructure.
What’s your take on the adoption of cloud payments? How did you go about to ensure a successful outcome?
#PayTech #Fintech
ENGINEER/MANAGING DIRECTOR at I-SAT Groups of companies
2moWell done!