**Introduction** **Levels of cloud adoption and ambition** **Cloud leaders want to transform their businesses with cloud** **The ambition and execution gap** **The four imperatives of successful cloud-based transformation** **About the research**
Publicis Sapient, in collaboration with Google Cloud, surveyed 250 senior banking leaders around the globe to better understand where they are on their cloud and business transformation journey.
The results reveal a major ambition across Retail and Commercial Banks to triple the use of cloud by 2025 and migrate more client-facing applications and data.
Banks can be divided into three groups: Cloud Leaders, Cloud Followers and Cloud Conservatives. The ambition to triple the usage of the cloud is uniform across all three groups. However, Cloud Leaders place much greater weight on the business benefits of cloud-enabled transformation than Cloud Conservatives.
This includes the enhanced ability to innovate at speed, apply advanced analytics (including AI and Machine Learning), transform operating and business models and embed partners easily. Cloud Leaders and Cloud Conservatives agree on the benefit of cloud to lower IT costs and increase automation, but for Cloud Conservatives, reducing cost has been the primary focus driven by finance and technology teams.
We found that an ambition and execution gap are the two major obstacles to achieving cloud’s full potential. First, over half of the executives and non-executives still undervalue the cloud’s transformative potential, thus limiting the business transformation ambition with the cloud. Second, participants believe they lack execution speed and don’t fully benefit from existing investments due to security concerns and a lack of skilled people to drive implementation.
To fully benefit from the potential of cloud-enabled business transformation at speed, a comprehensive, cloud-based transformation program needs to do four things well:
