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Cloud Platforms Powering FinTech in Europe, 2017

Cloud Platforms Powering FinTech in Europe, 2017

Financial Services Industry to Move Core Services to the Cloud in the Next 2–3 Years

RELEASE DATE
21-Apr-2017
REGION
Europe
Research Code: MD12-01-00-00-00
SKU: IT03301-EU-MR_19935
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Description

In terms of cloud adoption, the financial services industry has been lagging unlike many other industry sectors. While the benefits of cloud adoption are not unknown, there was initial hesitation on account of legacy infrastructure, lack of clarity on regulations, concerns related to compliance and data security. Cloud providers, upon understanding the specific needs of the industry, have been extremely proactive in working with regulators and ensuring that their solutions meet stringent requirements. This trend followed by regulators issuing guidelines and promoting the use of cloud has also helped in adoption. The most significant driver has been disruption of the industry by start-ups, many of whom are completely cloud based. This move has resulted in much lower costs and faster time-to-market, two of the biggest challenges for incumbents. This has had a direct impact on improving consumer satisfaction and retention, enhancing their ability to utilize the vast data available to enhance products and services, and in increasing market scope.

Table of Contents

Key Findings

Definitions

Cloud Platforms—Enabling Enterprise Flexibility

Cloud Platforms—Service Models Enable Flexibility for Stakeholders

Cloud Platforms—Gradual Migration with Varying Degrees of Benefits

Multiple Deployment Models Promote Cloud Adoption

Boundaries Blur in Cloud Deployment

Cloud Architecture—Multiple Industry Participants to Manage Complexity

Cloud Ecosystem—Multiple Industry Participants to Manage Complexity

Cloud Platforms—Impact on Critical Enterprise Functions

ICT Spending Forecast 2020

Complexity is the New Reality of Financial Services

IT Strategy and Budgets of Financial Services Companies

Cloud Solutions—Applied Across a Range of Functions

Cloud Solutions and Adoption—Current Trends

Cloud Solutions and Adoption—Emerging Trends

Focus Areas for Financial Services Companies in Cloud Adoption

High Satisfaction Levels Among Financial Services Users

Amazon Web Services (AWS) Profile

Google Cloud Platform Profile

IBM Profile

Microsoft Azure Profile

OVH Profile

Cloud Platforms—Small Change, Big Difference

Cloud Platforms—Foundation Of Digital Financial Services Ecosystem

Integration of Advanced Technologies

Integration of IoT

Integration of Big Data and Analytics

Integration of AI and ML

Integration of Blockchain

Emerging Technology Trends

Cloud Platforms in Europe—Market Drivers by Order of Impact

Cloud Platforms in Europe—Market Restraints by Order of Impact

Financial Services Firms Use Cloud For Myriad Services

Use Cases—Cloud Solutions

Application of Cloud Platforms by Start-ups

Trends in Application of Cloud by Start-ups

Application of Cloud by Incumbents

Trends in Application of Cloud by Incumbents

Cloud Central to New Payment Solutions

Ambiguity Around Regulations Slows Adoption

PSD2 and Shared API in Europe

Use Cases—Solutions To Meet Regulatory Requirements

5 Major Growth Opportunities

Growth Opportunity 1—P2P Payments

Growth Opportunity 2—Account Management

Growth Opportunity 3—RegTech

Strategic Imperatives for Success and Growth

3 Key Conclusions

Legal Disclaimer

About the Survey

List of Figures
  • 1. Cloud Platforms: Drivers for Cloud Adoption, Europe, 2016–2020
  • 2. Cloud Platforms: Drivers to Faster Adoption, Europe, 2016–2020
  • 3. Cloud Platforms: Restraints for Cloud Adoption, Europe, 2016–2020
  • 4. Cloud Platforms: Restraints to Cloud Adoption, Europe, 2016–2020
  • 5. Cloud Platforms: Start-ups Use Cases*, Europe, 2017
  • 6. Cloud Platforms: Evolving Trends, Europe, 2017
  • 7. Cloud Platforms: Incumbent Use Cases*, Europe, 2017
  • 8. Cloud Platforms: Evolving Trends, Europe, 2017
List of Charts
  • 1. Cloud Platforms: Relevant Concepts, Global, 2017
  • 2. Cloud Platforms: Service Models Enable Different Levels of Control, Global, 2017
  • 3. Cloud Platforms: Benefits of Service Models for Financial Services Industry, Global, 2017
  • 4. Cloud Platforms: Cloud Deployment Models, Europe, 2017
  • 5. Cloud Platforms: Trends in Cloud Deployment Models, Global, 2017
  • 6. Cloud Platforms: Cloud Computing Architecture, Global, 2017
  • 7. Cloud Platforms: Cloud Computing Ecosystem*, Global, 2017
  • 8. Cloud Platforms: Impact Improves Enterprise Efficiency, Global, 2017
  • 9. Cloud Platforms: ICT Spending by Financial Services, Europe, 2015–2020
  • 10. Cloud Platforms: Complex Financial Services Ecosystem Going Forward, Global, 2017
  • 11. Cloud Platforms: Percentage Breakdown of IT Budget Allocation by Financial Services Companies, Europe, 2015
  • 12. Cloud Platforms: Cloud Solutions Catering to Different Requirements, Global, 2017
  • 13. Cloud Platforms: Current Trends, Europe, 2017
  • 14. Cloud Platforms: Emerging Trends in Cloud Adoption by Financial Services, Europe, 2017
  • 15. Cloud Platforms: Level of Adoption Among Financial Services Users*, Europe, 2017
  • 16. Cloud Platforms: Level of Satisfaction with Cloud Adoption Among Financial Services Users*, Europe, 2017
  • 17. Cloud Platforms: Three Layers Of Digital Financial Ecosystem, Global, 2017
  • 18. Cloud Platforms: Advanced Technologies in Cloud Solutions, Europe, 2017
  • 19. Cloud Platforms: Internet of Things in Cloud Solutions, Europe, 2017
  • 20. Cloud Platforms: Big Data and Analytics in Cloud Solutions, Europe, 2017
  • 21. Cloud Platforms: AI & ML in Cloud Solutions, Europe, 2017
  • 22. Cloud Platforms: Blockchain in Cloud Solutions, Europe, 2017
  • 23. Cloud Platforms: Technologies Expected to Impact Financial Services, Europe, 2017
  • 24. Cloud Platforms: Financial Firms Cloud Usage*, Global, 2017
  • 25. Cloud Platforms: Financial Services Firms Use Cases of Cloud*, Europe, 2017
  • 26. Cloud Platforms: Payments Migrate to Cloud, Europe, 2017
  • 27. Cloud Platforms: Regulatory Framework*, Europe, 2017
  • 28. Cloud Platforms: Recent Regulatory Norms, Europe, 2017
  • 29. Cloud Platforms: Use Cases*, Europe, 2017
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In terms of cloud adoption, the financial services industry has been lagging unlike many other industry sectors. While the benefits of cloud adoption are not unknown, there was initial hesitation on account of legacy infrastructure, lack of clarity on regulations, concerns related to compliance and data security. Cloud providers, upon understanding the specific needs of the industry, have been extremely proactive in working with regulators and ensuring that their solutions meet stringent requirements. This trend followed by regulators issuing guidelines and promoting the use of cloud has also helped in adoption. The most significant driver has been disruption of the industry by start-ups, many of whom are completely cloud based. This move has resulted in much lower costs and faster time-to-market, two of the biggest challenges for incumbents. This has had a direct impact on improving consumer satisfaction and retention, enhancing their ability to utilize the vast data available to enhance products and services, and in increasing market scope.
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Table of Contents | Executive Summary~ || Key Findings~ || Definitions~ | Cloud Platforms for Financial Services~ || Cloud Platforms—Enabling Enterprise Flexibility~ || Cloud Platforms—Service Models Enable Flexibility for Stakeholders~ || Cloud Platforms—Gradual Migration with Varying Degrees of Benefits~ || Multiple Deployment Models Promote Cloud Adoption~ || Boundaries Blur in Cloud Deployment~ || Cloud Architecture—Multiple Industry Participants to Manage Complexity~ || Cloud Ecosystem—Multiple Industry Participants to Manage Complexity~ || Cloud Platforms—Impact on Critical Enterprise Functions~ || ICT Spending Forecast 2020~ | Cloud Solutions and Service Providers~ || Complexity is the New Reality of Financial Services~ || IT Strategy and Budgets of Financial Services Companies~ || Cloud Solutions—Applied Across a Range of Functions~ || Cloud Solutions and Adoption—Current Trends~ || Cloud Solutions and Adoption—Emerging Trends~ || Focus Areas for Financial Services Companies in Cloud Adoption~ || High Satisfaction Levels Among Financial Services Users~ || Amazon Web Services (AWS) Profile~ || Google Cloud Platform Profile~ || IBM Profile~ || Microsoft Azure Profile~ || OVH Profile~ || Cloud Platforms—Small Change, Big Difference~ || Cloud Platforms—Foundation Of Digital Financial Services Ecosystem~ | Advanced Technology Integration in Cloud~ || Integration of Advanced Technologies~ || Integration of IoT~ || Integration of Big Data and Analytics~ || Integration of AI and ML~ || Integration of Blockchain~ || Emerging Technology Trends~ | Cloud Platforms in Europe—Drivers and Restraints~ || Cloud Platforms in Europe—Market Drivers by Order of Impact~ || Cloud Platforms in Europe—Market Restraints by Order of Impact~ | Application of Cloud Platforms by Financial Services Startups and Incumbents~ || Financial Services Firms Use Cloud For Myriad Services~ || Use Cases—Cloud Solutions~ || Application of Cloud Platforms by Start-ups~ || Trends in Application of Cloud by Start-ups~ || Application of Cloud by Incumbents~ || Trends in Application of Cloud by Incumbents~ || Cloud Central to New Payment Solutions~ | Impact of Regulations on Cloud Adoption~ || Ambiguity Around Regulations Slows Adoption~ || PSD2 and Shared API in Europe~ || Use Cases—Solutions To Meet Regulatory Requirements~ | Growth Opportunities and Companies to Action~ || 5 Major Growth Opportunities~ || Growth Opportunity 1—P2P Payments~ || Growth Opportunity 2—Account Management~ || Growth Opportunity 3—RegTech~ || Strategic Imperatives for Success and Growth~ || 3 Key Conclusions~ || Legal Disclaimer~ | Appendix~ || About the Survey~ | The Frost & Sullivan Story~
List of Charts and Figures 1. Cloud Platforms: Drivers for Cloud Adoption, Europe, 2016–2020~ 2. Cloud Platforms: Drivers to Faster Adoption, Europe, 2016–2020~ 3. Cloud Platforms: Restraints for Cloud Adoption, Europe, 2016–2020~ 4. Cloud Platforms: Restraints to Cloud Adoption, Europe, 2016–2020~ 5. Cloud Platforms: Start-ups Use Cases*, Europe, 2017~ 6. Cloud Platforms: Evolving Trends, Europe, 2017~ 7. Cloud Platforms: Incumbent Use Cases*, Europe, 2017~ 8. Cloud Platforms: Evolving Trends, Europe, 2017~| 1. Cloud Platforms: Relevant Concepts, Global, 2017~ 2. Cloud Platforms: Service Models Enable Different Levels of Control, Global, 2017~ 3. Cloud Platforms: Benefits of Service Models for Financial Services Industry, Global, 2017~ 4. Cloud Platforms: Cloud Deployment Models, Europe, 2017~ 5. Cloud Platforms: Trends in Cloud Deployment Models, Global, 2017~ 6. Cloud Platforms: Cloud Computing Architecture, Global, 2017~ 7. Cloud Platforms: Cloud Computing Ecosystem*, Global, 2017~ 8. Cloud Platforms: Impact Improves Enterprise Efficiency, Global, 2017~ 9. Cloud Platforms: ICT Spending by Financial Services, Europe, 2015–2020~ 10. Cloud Platforms: Complex Financial Services Ecosystem Going Forward, Global, 2017~ 11. Cloud Platforms: Percentage Breakdown of IT Budget Allocation by Financial Services Companies, Europe, 2015~ 12. Cloud Platforms: Cloud Solutions Catering to Different Requirements, Global, 2017~ 13. Cloud Platforms: Current Trends, Europe, 2017~ 14. Cloud Platforms: Emerging Trends in Cloud Adoption by Financial Services, Europe, 2017~ 15. Cloud Platforms: Level of Adoption Among Financial Services Users*, Europe, 2017~ 16. Cloud Platforms: Level of Satisfaction with Cloud Adoption Among Financial Services Users*, Europe, 2017~ 17. Cloud Platforms: Three Layers Of Digital Financial Ecosystem, Global, 2017~ 18. Cloud Platforms: Advanced Technologies in Cloud Solutions, Europe, 2017~ 19. Cloud Platforms: Internet of Things in Cloud Solutions, Europe, 2017~ 20. Cloud Platforms: Big Data and Analytics in Cloud Solutions, Europe, 2017~ 21. Cloud Platforms: AI & ML in Cloud Solutions, Europe, 2017~ 22. Cloud Platforms: Blockchain in Cloud Solutions, Europe, 2017~ 23. Cloud Platforms: Technologies Expected to Impact Financial Services, Europe, 2017~ 24. Cloud Platforms: Financial Firms Cloud Usage*, Global, 2017~ 25. Cloud Platforms: Financial Services Firms Use Cases of Cloud*, Europe, 2017~ 26. Cloud Platforms: Payments Migrate to Cloud, Europe, 2017~ 27. Cloud Platforms: Regulatory Framework*, Europe, 2017~ 28. Cloud Platforms: Recent Regulatory Norms, Europe, 2017~ 29. Cloud Platforms: Use Cases*, Europe, 2017~
Author Deepali Sathe
Industries Information Technology
WIP Number MD12-01-00-00-00
Is Prebook No