COVID-19: The Impetus and Transference to Cloud
Finding the Right Cloud Model
Artificial intelligence, cloud computing, blockchain, and quantum computing are some of the pillars that form the “Fourth Industrial Revolution.” Cloud computing is the on-demand delivery of software, databases, servers, and networking services over the internet on a pay-per-consumption basis. Cloud is an enabler of digital disruption, such as the application of artificial intelligence, and can offer firms flexible delivery, better data integration, operational cost savings, scalability, and business resilience. While cloud has traditionally been viewed as a tool to modernize legacy systems with the intention of reducing infrastructure costs, firms are now looking to apply cloud services in a more tactical way, such as creating greenfield solutions. Cloud has been a focus area for wealth managers for a long time, and a thoughtfully designed Cloud Adoption Framework (CAF) can drive these benefits home. The COVID-19 pandemic and the growing demand for digital services by relationship managers and clients have served as a catalyst for the acceleration of cloud adoption among wealth managers.
The objectives of this report are to:
- Address the cloud computing market and demand for cloud services.
- Examine the trends, challenges, and impact of COVID-19 on cloud adoption.
- Review deployment approaches available to wealth managers.
- Assist wealth managers in understanding the differences between various cloud models.
- Provide recommendations to wealth managers.
Celent will start with a definition of cloud computing and address the reasons behind its growing usage. Celent will comment on the key trends affecting the cloud value chain, then briefly discuss the current usage of cloud models in wealth management. We will detail the main differences between various deployment approaches and make recommendations for selecting the right cloud approach. Celent will then conclude with a forward-looking statement about the cloud computing market.
Celent has built this report with input from leading cloud providers, such as Capgemini, HCL, Intellect Design Arena, Red Hat, Salesforce, TCS, and others, via a Celent-conducted survey. This report is based off Celent’s insurance report, Cloud Strategy in Insurance: Finding the Right Cloud Model, whose content is featured throughout.