The latest iteration of our Digital Transformation and Cloud Survey features insights from 500 global respondents, who cite heightened attention on and investment in cybersecurity, AI and the cloud as indicators of digital transformation being an integral part of enterprise thinking and planning.
For Financial Institutions (FI) respondents, when asked to identify the top benefits and concerns around cloud computing investments – they cited cost reduction (87%) and increased security (83%) as the top 2 benefits. Unsurprisingly, they were most concerned by data privacy (88%) and cybersecurity (82%) issues.
Our new episode of FInsight: Global Financial Institutions Industry Podcast examines the FI Takeaways from the 2021/2022 Digital Transformation and Cloud Survey. The speakers from this episode are Alessandro Celli, global fintech lead and partner from our Zurich office; Peter R. George, a partner from our Chicago office who is familiar with the long history of the survey and has seen key developments for financial institutions through the years; and Carolina Duque, a partner from our Bogota office.
Key highlights of the episode include:
- Cybersecurity has always been a key priority for financial institutions (FIs) over the years Baker McKenzie has run the survey. Cost reduction has also been cited as a driver for cloud-based services, including the conversation of capital investments into usage-based fees.
- One interesting aspect in this year’s survey is the focus on investment in private cloud offerings.We expect that this is being driven in part by the offerings that are available today and as a means of addressing the cybersecurity risks.
- Technological development, which enables increased efficiencies and enhances customer data management towards big data is followed at the same time by an increase of vulnerability. This is not because of weak systems or solutions, but because of the massive increase of data processing and data traffic.
- We started asking about cyber liability insurance four years ago and every year there has been an increased response from survey recipients carrying such coverage.
Digital transformation is key for FIs to remain relevant – but with this transformation comes risks and opportunities. It will be interesting to see in future surveys how FIs will evolve to address how existing and future customers will interact with them.
Please check out our FI Takeaways Report and the full 2021/2022 Digital Transformation and Cloud Survey. You can also visit our Digital Transformation Hub to see how we bridge vision and reality to make digital transformation happen.
