Banks and buy-side to allocate half of tech budgets to cloud services

My Post - 2019-10-10T181135.496.pngSurvey from Refinitiv has found that spending on cloud services will increase in 2020 as firms see immediate cost savings from projects.

Buy- and sell-side institutions will allocate almost half of IT budgets to spending on cloud services and technology in 2020, according to a survey of data and technology chiefs and market data heads across the industry.

A poll of 300 senior financial technologists globally, conducted by Refinitiv, found that budgets for public cloud services for data purposes will increase to 48% of total technology spending, up 41% from this year and 34% in 2018.

According to the research, 76% of respondents said the plans to increase investment in cloud services are due to the immediate cost savings, particularly for hedge funds, of which 91% said that cloud projects had performed better than expected.

“The global financial community is increasingly bullish on the potential of the cloud to maintain profitability, deliver an innovation dividend, enhance business resilience and ensure future scalability,” Marion Leslie, global head of enterprise front-office propositions at Refinitiv, commented.  “We’re entering a more mature phase for cloud adoption in the financial sector, as the industry has completed many successful projects that justify increased investment.” – Read more