Survey reveals 99% of financial institutions have adopted a multicloud environment

This research has revealed financial institutions are struggling to keep up with the multicloud environments that power modern banking and insurance services. These environments are crucial for financial organisations, as they provide the agility needed to deliver digital experiences and develop a constant stream of new banking and insurance products.

However, financial services firms’ IT departments and digital teams are inundated by data and spend hours on manual, routine tasks just to manage their cloud environments. This strain impacts the time they have to drive innovation and create value for the business. Almost half (48%) of respondents say infrastructure management is a growing drain on IT resources, as teams are forced to switch between different solutions and dashboards to gain insights.

As 99% of financial institutions have adopted a multicloud environment to keep up with the accelerating pace of digital transformation, they rely on 7 different solutions to monitor their multicloud infrastructure. Moreover, 64% of financial institutions say the abundance of tools makes it difficult to optimise the performance of their infrastructure.

Besides, manual approaches are no longer sufficient as 54% of financial institutions say traditional infrastructure monitoring solutions no longer fit a purpose in a multicloud world.

The research is based on a global survey of 130 CIOs and senior IT practitioners involved in infrastructure management in financial institutions with more than 1,000 employees, conducted by Coleman Parkes and commissioned by Dynatrace.