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Cloud adoption is taking over the world
As a result of wealth management firms facing pressure to improve operational efficiency and performance, more and more have moved to the cloud.
Main drivers for adopting a cloud system
According to IDC's Innovation in Wealth Management Survey 2018, 84% of wealth managers said the next few years would see them focus on operational efficiency due to increased process complexity and costs, especially with regards to middle and back offices.
In Asia, for example, 94% of wealth managers said the main drivers of cloud adoption were boosting digital innovation and finding more cost-effective ways to serve their clients (such as digital sales and omni-channel experience). In Western Europe, 65% of respondents said they used cloud computing to cut IT expenses and improve IT performance.