How COVID-19 impacted IT infrastructure in the Fintech Industry

How COVID-19 impacted IT infrastructure in the Fintech Industry

CIOs say that the pandemic has modified the way enterprises conduct their business operations and has pushed them to adopt hybrid cloud infrastructure. Nutanix conducted a study to understand the stand and state of global enterprise cloud adoption and deployment plans.    

More than 3,400 IT decision-makers globally were consulted to prepare the report: Third Annual Nutanix Enterprise Cloud Index. They were sent queries regarding what business applications were currently being used and the areas they will be used in the future. Cloud challenges have been a major obstacle for enterprises in 2020, and CIOs had to decide on how best to stack up the cloud initiatives against other priorities and IT projects.

The IT profile has been raised by the pandemic and cloud adoption also has been accelerated manifold times. Around 78% of the financial services enterprises said that COVID-19 helped view IT more strategically in organizations. The majority of the organizations have boosted the investment into the hybrid cloud as a direct result of the pandemic.

Hyperconverged infrastructure (HCI) was another solution that was aggressively deployed by organizations to handle the pandemic impact. The solution helps improve and speed up the process of cloud adoption as it drastically reduces the time needed to develop the software-based infrastructure needed to support private cloud platform.

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CIOs say that HCI can support the speedy capacity expansion that helps the scalability advantages of cloud tech. At least 50% of the financial industry organizations have completely implemented HCI or in the process of it. Around 38% of the respondents stated that they plan to deploy HCI solutions within the next year or two.

As per the report, the IT, telecom, and tech industry are running the highest number of applications on private cloud services at 40%. Financial services organizations closely follow them at 39%. Around 43% of the financial services organizations have said that they will potentially run a higher number of apps on the private cloud platform compared to only 33% of the global respondents.

A clear majority of financial services, i.e., 86% of the respondents, said that they identify hybrid cloud as the best IT operation model for their enterprise. Their infrastructures have been evolved over the years to get to the current scenario.

The organizations plan to decrease the dependence on the conventional, non-cloud compliant data centers from 14% to $% in under a year. The sector plans to boost the deployment of hybrid cloud to around 54% penetration in the next five years. Previously the penetration was only 15%.

IT models used in the financial services industry are mostly complimentary with the rest of the industries. 2020 has served to be the year where most financial services organizations have made drastic progress in the journey of the shift to the cloud.

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CIOs acknowledge that as far as cloud usage goes, it not unheard of for enterprises to realize that on single public cloud infrastructure has not met all their needs. This may include factors like location, price, tools, availability, performance, etc.

To handle this hurdle, organizations often run more than one public cloud infrastructure service that ultimately will be folded into the hybrid cloud solutions.