The latest session of the IIF’s DataTalk focused on cloud adoption. This note provides a brief summary of the key themes that emerged, noting that the conversation was conducted under the Chatham House Rule, and comments are unattributed. For context, Data Talk is our community of practice, held with our knowledge partner the Oliver Wyman Forum, to bring together data officers and experts for interactive sessions on key data topics in financial services.

With its recent emergence and prevalence in discussions across sectors, cloud has become a fast-approaching necessity, rather than just a nice to have, in many industries. Cloud, a foundational technology, has the power to dramatically transform the financial services industry, act as a catalyst for innovation, and reduce negative environmental impact. Although many barriers to cloud adoption remain, such as data localization requirements and talent gaps, this discussion solidified cloud’s vital role in digital transformation for the financial services industry. 

The DataTalk series continues in January when we will discuss strategic framework for the digital economy.

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