The COVID crisis has created several new challenges for industries, particularly the Banking sector. For Banking and Financial Services, the pandemic brought into focus limitations that needed addressing. As a result, in their efforts to help business customers avoid financial ruin in the present climate, banks have turned to the Cloud.
HG Insights, the world’s most advanced technology platform, has used its proprietary analytics platform to identify which companies are investing heavily in Cloud technology. Interestingly, companies within the Banking and Financial Services have a combined spend of just over $67 billion. The next big spending industry verticals, Professional, Scientific & Technical Services ($32 billion), Manufacturing ($28 billion), and Computer and Electronic Product Manufacturing ($28 billion), only have less than half the spend of Banking and Financial Services.
For many years compliance issues such as GDPR and data storage problems have prevented mass investment in the Cloud by financial institutions. Spending on virtual storage solutions to cut costs and drive efficiency was not deemed to be a top priority in the past. However, COVID has changed this line of thinking. Indeed, several banks were slow to react to the pandemic, but as the crisis hit home, the sector had to find a response to protect their customers and themselves – It’s clear from our research that Banking turned to Cloud technology as countries were engulfed by the pandemic.
Granular insights on the specific companies investing the most in Cloud technology through the COVID crisis are available now from HG Insights along with which vendors they are investing with. For example, AWS, Azure, GCP, etc. Book a demo now to see which companies are adopting a cloud-first strategy: