4 areas of focus for evaluating cloud-based vendors

by Michael Berman, Ncontracts

Cloud adoption has been ramping up for the last several years, with financial institutions even migrating some core processes to the cloud and developing cloud-native apps. Post pandemic, bankers are accelerating those plans, especially as they look to further digitize the experience.

In fact, a recent survey found that almost half of bankers say that Covid encouraged them to increase spending on cloud projects. Last year, financial institutions spent $36 million on cloud projects, and it’s expected to increase from 1% to as high as 10% over the next couple of years.

An often-confusing term, many individuals believe that “the cloud” is this mysterious place where data floats and can simply appear at the press of a button. But the cloud is a real place, and it’s often many places through multiple data centers.

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