Cloudonomics 2014: Financial Services Adoption Accelerates

To help maintain perspective, InvestCloud periodically reviews the key underlying trends in the adoption of cloud delivery in financial services.  While we are still in the early stages of this wave, in this last year, some of the key drivers continued to accelerate leading some to suggest that we have now hit a “tipping-point”.   Although the macro numbers are important, with IT spending in financial services globally projected to exceed $430 billion in 2014 and grow to over $500 billion annually by 2020, what is compelling is the share of those budgets moving toward the cloud.  Some 70% of firms are saying that mobile and online delivery channels will be where their most important investments will be made.  An even higher number, 89%, plan to offer custom tablet banking and reporting applications to customers in the next three years.

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