Banks' Transition to the Cloud Accelerated | Modis US

Banks' Transition to the Cloud Accelerated

Posted 05 May 2021

Woman depositing check with mobile device

The Covid-19 Pandemic effected almost every aspect of our lives, including banking. With branch locations closing and customers going digital, banks turned to the Cloud to keep operations running smoothly.

"The unprecedented events of 2020 seem to have swung the scales in favor of a more cloud-heavy strategy for banks and financial institutions. Accenture notes that cloud investment has grown significantly in recent years and predicts it will continue to expand at a rate of around 15% through 2022.

Although reliance upon the cloud was already on the rise for this sector before the pandemic, Covid-19 has been an accelerant. What’s more, in light of the challenges of the past year, banks already using the cloud for specific functions may now adopt a more mature cloud strategy on a faster timeline than previously anticipated."

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