The future continuous COVID world has raised critical questions that need to be addressed swiftly by the highly regulated FSI industry. Cloud transformation is not achieved by introducing new platforms. To embrace cloud transformation, one must go beyond just the average “moving to cloud platform” narrative.
Cloud-enabled digital technologies bring new ways for the financial services sector to connect with customers and employees and will drive competition across the sector.
Deloitte Access Economics surveyed the industry’s leaders to understand the narrative and what were the driving factors that enabled them to embrace the challenges of their cloud journeys.
The financial services sector across Australia and New Zealand is well accustomed to change. Businesses are responding to new regulations and structural change, such as implementing Open Banking. The sector is also responding to the evolving expectations of customers, by acting on climate change and working to increase the diversity in their workforce.
And while the financial resilience of the sector across 2020 demonstrates the benefits of digitally enabled business, this strong 2020 performance leaves less room for a bounce-back across 2021. The economic recovery in 21-22 will bring forth new challenges. For businesses to navigate an increasingly complex competitive environment, the sector will need to keep adapting.Much of that digital adaptation will rely on cloud-enabled technologies – such as AI, machine learning and large-scale data analytics.
The survey results and associated discussions have highlighted additional challenges along with some of the pre-existing conventional complex issues. Read about the outcomes of this research in addition to Google Cloud’s point of view in the report.