Banks to spend $32 billion a year on cloud tech by 2023, report says

26 February 2019 11:09am
Banks around the world are expected to spend as much as $32 billion each year on cloud technology by 2023 as they leverage resources at third-party cloud services provided by such players as Amazon and Microsoft, according to a report released today by a Hong Kong consultancy.

Massive investments in cloud technology will help banks to reap productivity and efficiency gains, enhance collaboration between one another and with external service providers, cut costs, and ultimately drive revenue growth, the report by Quinlan & Associates said.

The consulting firm forecast that the use of cloud technology could lead to a reduction in banks’ total IT spending of nearly 20 percent by 2023 — 2 percent of their total costs.