The financial datasets driving cloud adoption have been revealed in our Refinitiv Public Cloud Investment Barometer – 2019 Report. Market data and pricing is seen as having the biggest potential benefit, but what are the other #CloudReadyData sets being used and offering benefits?
- The Refinitiv Public Cloud Investment Barometer — 2019 Report examines the financial datasets being used in the public cloud.
- The global survey shows 69 percent of respondents thought market data and pricing would offer the greatest potential benefit to their business when hosted in the cloud.
- Financial services firms are far more hesitant when it comes to using the public cloud to host risk and regulatory data.
Financial datasets are increasingly making their way into the public cloud, according to the Refinitiv Public Cloud Investment Barometer – 2019 Report. As more firms move data into the cloud, they are realizing the benefits of doing so.
The headline findings of our global survey — conducted among 300 senior financial services executives — show 69 percent of respondents thought market data and pricing would offer the greatest potential benefit to their business, when hosted in the cloud.
In contrast, datasets on risk and regulatory matters were seen by respondents as having the least potential benefit.
Financial datasets
Financial services firms are increasingly seeing the benefit of not having to bear the cost burden of hosting the data on premises.
One significant finding from the report is that financial services firms show a clear preference for hosting certain types of data in the cloud.
Watch video: Introducing the public cloud investment barometer – 2019 report
Macroeconomic data, for example, was being used by 66 percent of respondents in a public cloud environment, while 64 percent believe this type of dataset offers potential benefits to a business when hosted in the public cloud.
The findings are similar for market data and pricing, with 53 percent of respondents hosting this dataset in the public cloud and 69 percent believing this data offers potential benefits to a business when in a public cloud environment.
But firms were more hesitant when it comes to using the public cloud to host risk and regulatory data, which is not surprising given the regulatory concerns flagged elsewhere in the report, particularly with a multi-cloud model.
Only 20 percent of financial firms thought risk and regulatory data could benefit from being hosted in the public cloud.
New use cases for data in the cloud
The report says there are still some challenges around the sensitivity of data and public cloud adoption to overcome.
But the public cloud is changing the way in which financial firms use and consume datasets for the better. As they no longer have to bear the burden of hosting these datasets themselves, it means data scientists and developers at firms now have access to a wider range of datasets.
Not only are there cost benefits from shifting data to the public cloud, financial services firms are finding new use cases for the data as well.
As companies increasingly see the value of shifting datasets to public cloud environments, this trend seems likely to continue.
See how Refinitiv enabled Travelex to access real-time market data via the public cloud
Our new report explains more about the benefits of using the public cloud to host different types of datasets.
