2 min Analytics

Financial services firms switching to hybrid multicloud more often

Financial services firms switching to hybrid multicloud more often

Financial services firms are moving to hybrid multicloud environments more frequently, Nutanix research shows.

According to the study, about 64 percent of all financial services companies today deploy hybrid multicloud strategies in some way. This is slightly higher than the global average of companies using these types of environments. These include a mix of private and public clouds or on-prem and hosted private infrastructure.

Companies want to move to a hybrid multicloud environment primarily to boost their digital transition, but also, for example, to obtain more advanced data capabilities and modernize applications.

Data security leading

The driving force behind the switch for financial services companies is improving data security, although being able to move applications is also frequently mentioned. Other strong motivations include accelerating access to data, meeting compliance and integration with other cloud-based services and functionality. Think AI and machine learning.

Still challenges

Needless to say, financial companies still see some challenges in embracing a hybrid multicloud environment. According to the Nutanix survey, users prefer a single platform for managing the various private and public settings. Less than half of respondents said they now have this overview. The need for integrated tools is therefore quite large, according to the survey.

Furthermore, cost remains an uncertain factor. Cost savings are high on the agenda of most respondents. A large majority indicated that cost savings is still a major challenge for them in managing their IT environments and infrastructure.

Tip: Cisco and Nutanix join forces to accelerate hybrid multicloud