Financial Services and Insurance

The financial services and insurance (FSI) industry is at an inflection point in history. Stringent and varying regulations across regions, cut-throat competition from fintechs and technology giants, and demanding customers are changing the way it does business.

Infosys surveyed 154 executives from FSI organizations with over US$ 1 billion in revenues across the United States, Europe, Australia and New Zealand to understand their experience of application cloud transformation. The survey respondents were senior executives involved in digital and cloud initiatives.

The survey was aimed at understanding the external and internal drivers that trigger the movement of FSI applications to the cloud. Some interesting findings from this survey:

• Greater market flexibility (49%), advanced data security (45%) and rapid prototyping for new offerings (36%) are top cited advantages for cloud app transformation
• Only 45% of FSI respondents seem to have clarity on the organizational roadmap for digital transformation
• 50% of the FSI respondents have shifted all or some critical enterprise applications to the cloud with just 21% still are entirely on-premise
• 41% of FSI firms have opted for the enterprise-level cloud approach