Large financial institutions will continue to embrace cloud computing this year and execs predict that the hunt for talent will remain competitive, artificial intelligence still has lots of personalization potential, and sophisticated developer tools will help teams shine.
While big FinServs have made major progress in their shifts to the cloud, there’s still a long way to go.
In that spirit, executives from some of the biggest financial firms shared their thoughts on cloud strategies and trends with Insider:
- The talent wars will rage on and banks should lean on upskilling to cope: “While talent might become more available, I would say that high-end talent in the cloud security and data space, where you’ve really got niche skillsets, is going to remain competitive,” Morgan Stanley’s head of cloud, Allison Gorman Nachtigal, said, adding that upskilling employees will be a key way to help fill the gap.
- AI and automation are perfect for personalization: Vanguard CTO Michael Carr said that the firm will continue to build cloud-based AI tools for personalizing investment portfolios and retirement income tools. For example, “we can implement nudges or next-best actions.”
- Banks will stop overlooking state-of-the-art developer tools in 2023, Goldman Sach’s CIO Marco Argenti predicted. “The real big results are an increased developer productivity,” Argenti said. “That’s the new way companies are looking at their cloud spend, where the return of investment is mostly measured with regards to velocity and developer productivity, rather than capital expenditures versus operating expenditures.”
For much more strategies and trends, read the rest of the report from Insider.