A global study has shown that financial services institutions are in the early stages of adopting “multi-cloud”

Research shows that the ideal IT model is ‘Hybrid Multiple Computing’, but the financial services industry is slowly showing up to adopt it.

Dubai United Arab Emirates: Nutanix Corporation (NASDAQ: NTNX), a leader in multi-hybrid computing, announced research findings related to financial sector services in its Global Enterprise Cloud Index (ECI) 2022 report, which measures the organization’s progress in the industry. With the adoption of cloud computing, research shows that fewer financial services institutions have embraced “multi-cloud” compared to other industries covered in the report, which is behind the global average rates by an estimated 10%. However, acceptance figures are expected to double over the next three years. year From 26% to about 56%, in line with the global trend of development towards the adoption of a multi-cloud IT infrastructure, which accommodates a mix of private and public cloud computing.

A survey among financial service provider participants in the ECI report showed that 31% of them still run non-cloud data centers that are not cloud-enabled, as the only IT infrastructure. They also reported that they had the lowest penetration of public cloud usage compared to all other industries surveyed, with 59% not using public cloud computing services compared to 47% worldwide, probably due to significant legacy investments in applications and the nature of public cloud computing. regulation of the industry. The complexity of managing processes across cloud boundaries remains a major challenge for financial services organizations, with 84% of respondents agreeing that success requires simpler management across multiple cloud infrastructure, and 50% saying that security issues are the “multi-cloud” – model challenge. . To address the key challenges related to security, interoperability and data integrity, 82% agreed that a “hybrid multi-cloud” model, an IT business model with multiple private and public clouds with interoperability between them , is ideal.

Respondents in a financial services industry survey were asked about their current cloud challenges, how they now operate business and mission-critical applications, and where they plan to operate them in the future. The question was also asked about the impact of the pandemic on current and future IT infrastructure decisions, and how IT strategy and priorities may change as a result. Key findings from this year’s report include:

● Financial services organizations face “multi-cloud” challenges, including security (50%), cloud-based data integration (46%) and performance challenges with network overlays (43%). Nearly 78% indicated a lack of certain IT skills to meet current business requirements, it is likely that the streamlining of operations will be a major focus in the coming year. However, IT leaders understand that there is no one-size-fits-all approach to cloud computing, which makes “hybrid multi-cloud” ideal according to the majority of respondents (82%). This model will help address some of the key challenges of “multi-cloud” deployments by providing a unified cloud environment in which data management and security policies can be uniformly applied.

● Application mobility is a top priority. Nearly the majority of respondents (98%) in the financial services sector have moved one or more applications to a new IT environment in the last 12 months, which probably migrated from traditional data centers to private cloud due to the penetration of public cloud and cloud computers is relatively numerous in the industry. Faster application development (43%) is often cited as the reason for the move, followed by security (42%), and integration with cloud native services (40%). In addition to the overwhelming majority (83%) who agree that moving applications to a new environment can be time consuming and expensive, the acceptance rate of a data container is expected to rise with multiple cloud deployments, enabling applications to run almost anywhere quickly to run and move And easy. And 86% of those surveyed in the financial services sector agreed that a “data container” would be important to their organizations over the next year.

● Top IT priorities for financial services for the next 12-18 months include improving the security position (54%), improving management for multi-cloud computers (49%), and developing and / or implementing cloud Indigenous technology (47%). When asked what their organizations did differently due to the pandemic, 70% admitted that they increased spending to improve their security position, 64% spent more on increasing AI-based self-service automation, and 64% invested in infrastructure. upgrades.

“Information security and operational flexibility remain at the forefront of requirements for financial services institutions in Saudi Arabia,” said Omar Malaeb, regional sales manager for the large corporate sector at Newtanics Corporation. “Consequently, they have to look for multi-cloud solutions.” Hybrids with built-in management and security, and the ability to move applications quickly and cost-effectively between cloud computing infrastructure.

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