Over a quarter of Asian financial firms expect to use public cloud for the majority of their market data needs within a year.
Financial firms across Asia intend to rapidly increase their investment in public cloud to exploit the benefits of the cloud in managing the financial data that powers their business decisions, a global survey of the Financial & Risk business of Thomson Reuters reveals.
Asian respondents said their firms would be increasing investment in public cloud by nearly a half, from 32 percent of IT budgets in 2017 to 46 percent in 2019. In addition, 86 percent of firms surveyed in Asia say they will use public cloud for the majority of their market data needs in less than four years.
Fuelled by Data
Financial firms are fuelled by data, whether to discover profitable new insights or to help them automate their reporting processes and manage costs at a time of intense regulatory pressure. «The cloud offers a powerful set of tools for the financial community to manage their data needs, and opens up new opportunities to combine public and proprietary data at massive scale with tools like AI and machine learning to solve any number of problems,» says Brennan Carley, Global Head of Enterprise Proposition & Product for the Financial & Risk business at Thomson Reuters.
«Given the twin challenges of sensitive data and increased regulation, financial services firms have been understandably cautious about adopting public cloud compared to those in other industries,» adds Gautam Verma, Head of Market Development for Enterprise, Asia, for the Financial & Risk business at Thomson Reuters.
Situation Changing
«Our survey shows how that situation is changing, however, with firms clearly accelerating their plans as they realise how leveraging the cloud across their market data infrastructure can help them move faster, grow their business and reduce their costs,» Verma says. Thomson Reuters Financial & Risk recently announced plans to deliver all its financial data and tools in the cloud.
