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SaaS: Financial Services Choose the Cloud to Reduce Costs and Remain Competitive
Banks and insurance companies are no different than most other industries. They’re under increasing pressure from competitors and expectations from their customers. This industry is increasingly turning to SaaS as a way to remain competitive and reduce costs.
A SAP/Ovum survey of IT decision makers at retail bank and insurance companies found that:
- 42 percent of banks and 33 percent of insurers expect that their use of SaaS to increase significantly over the next year and a half
- 42 percent consider only SaaS for new IT projects
- 80 percent say that SaaS enables quicker response to new opportunities
- Barriers to SaaS include regulatory compliance (36 percent), SaaS availability (35 percent), and integration of SaaS solutions with on-premise and other SaaS applications
Daniel Mayo, chief analyst of Ovum, said that “the cloud is now a growth driver for banks and insurers, rather than a medium just for bringing costs down. They are buying SaaS solutions to simplify operations, develop better products and quickly enter new markets. The industry has made it clear that SaaS will radically change the banking and insurance landscape.”
