Wip, Information technology company

New Delhi, Feb 22 Nearly 62 per cent of financial services leaders expect their Cloud investments to increase revenue over the next two years, a new Capco-Wipro report said on Tuesday.Financial services leaders cite increased future revenues (62 per cent) and improved future profitability (52 per cent) as leading reasons to deploy cloud technologies, according to a new financial services study by Capco, a Wipro company."We believe financial services firms often do not consider the total cost benefits when measuring return on investment (ROI) on the cloud. Only 40 per cent cited benefits arising from decreased non-IT costs, and even fewer measure reduced carbon footprint, accelerated time to market, or improved productivity," said Peter Kennedy, Partner & Cloud Lead at Capco.Wipro last year acquired the UK-based Capco for $1.45 billion (Rs 10,551 crore), a management and technology firm, to provide digital, cloud and IT services to financial institutions in Americas, Europe and Asia-Pacific.Covid has impacted the operations of financial service institutions (FSIs) by elevating the prioritisation of cloud as a means to improve customer experience.It also enhanced recognition of the importance of cloud usage to making processes more efficient and agile and increased institutions' willingness to make cloud investments.Banks' cloud spending averaged $36 million in 2021, rising to $41 million for capital markets firms and $55 million for insurance companies.Currently firms run, on average, 38 per cent of their business applications through the cloud, and they anticipate that percentage will increase to 55 per cent in two years, the report noted."Early in the transformation process, it is crucial to develop an enterprise-wide cloud strategy and roadmap that details technology choices, governance measures and spending priorities, and that moderates other potential battlegrounds that can dilute implementation," said Kennedy.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

WipFOLLOW

Wip, Latest News

The Indian stock markets' key indices, Sensex and Nifty, closed in the red for the fourth straight session on Wednesday dragged by selling pressure in IT, FMCG and infra stocks. ...

IT firm Wipro on Friday reported Rs 3,087.30 crore consolidated net profit for the fourth quarter of 2021-22 from Rs 2,972.30 crore in the corresponding period of the previous year, posting year-on-year growth of 4 per cent. ...

Bengaluru, April 29 IT major Wipro announced its financial results for the fourth quarter of FY22 ended March ... ...

Hyderabad, April 5 Wipro will continue to invest in Telangana as the state government here is progressive, Founder-Chairman ... ...

A day after witnessing a sharp rally, the Indian equities markets' key indices, Sensex and Nifty, declined on Tuesday due to profit booking in HDFC and HDFC Bank that had surged by nearly 10 per cent on Monday after the announcement of a merger deal. ...

Topnotch Foundation organized the International Business / Education / Healthcare and Women Pride Awards 2022 on March 29, 2022 at Hotel The Lalit, which was a ceremony to acknowledge and felicitate the leading contributors who have taken the initia ...

Finance Minister Nirmala Sitharaman held an interaction with leading entrepreneurs of IT/BT, Startups and Semiconductor sectors on Monday, said a press release. Dr CN Ashwatha Narayana, Karnataka Minister was also present. ...

New Delhi, Feb 22 Nearly 62 per cent of financial services leaders expect their Cloud investments to increase ... ...