The growing number of digital banking services and the rise of tech-savvy competition from adjacent industries are pressuring financial institutions to update their legacy technology systems. To develop and deploy new applications at the appropriate speed and scale to compete, organizations need to leverage cloud technology. But moving legacy technology to the cloud can be a complicated and resource-intensive endeavor.
In August 2022, Arizent and American Banker surveyed 100 management-level or higher employees on behalf of WSO2 to better understand the approach financial institutions are taking toward developing their cloud capabilities.
The results suggest that without the right strategy and platform, institutions slow to start investigating cloud-native applications may struggle to catch up.
This paper shares key insights on how financial Institutions are moving toward developing their cloud capabilities and catching up in the race to the cloud.
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- How early adopters of cloud technology are extending their lead
- Why APIs are the currency of the cloud
- What are the benefits of an API-first strategy
- How experienced partners can help accelerate cloud migration