Cloud strategies for banks, insurance companies and asset managers - how financial organisations can benefit. New technologies such as data & analytics, automation and artificial intelligence (AI) are fundamentally changing the financial sector. How can companies in these sectors realign themselves and master the digital transformation?
Why public cloud services are crucial
Public cloud services offer the important, necessary flexibility, agility and innovation that financial organisations need today.
According to the Cloud Monitor 2025, more and more companies are focussing on a cloud-first strategy. And that's not all. The financial market is expected to catch up with the overall market in terms of the maturity and utilisation of cloud computing over the next few years. Eight out of ten financial service providers already use cloud-based technologies.
The advantages of the cloud are obvious: cloud-based applications offer unprecedented flexibility, performance and reliability. In particular, applications in which IT resources are utilised to a high degree with simultaneous fluctuations benefit from this. These include, among others:
- Risk modelling and portfolio models
- Early warning systems (e.g. for money laundering prevention)
- CRM analyses
- Analyses and decision support for claims settlement
- ESG data analyses
Cloud technology also enables significantly faster software development with shorter testing and development phases. The cloud can also provide support and fully utilise its strengths in new business areas that are growing enormously or whose growth forecasts are not yet precisely known. The cloud therefore creates a good basis for further developing your own business model with new offerings for customers.
Utilise the potential of the cloud for your company.
Mastering compliance and regulatory requirements with confidence
However, banks, insurance companies and capital management companies have a wide range of requirements for their own IT. This is because cloud services must be integrated precisely. Regulatory requirements and laws must be implemented in three areas in particular:
- Regulatory requirements: These include the Minimum Requirements for Risk Management (MaRisk); for insurance companies (MaGO); for capital management companies (KAMaRisk) and the Ordinance on Strengthening Digital Operational Resilience (DORA).
- IT security: Financial institutions must fulfil minimum information security requirements for cloud services, such as the BSI C5 criteria catalogue and the control framework (Cloud Controls Matrix) of the Cloud Security Alliance (CSA).
- Data protection: The requirements of the General Data Protection Regulation (GDPR) must be consistently implemented.
Public cloud providers have now responded to the increased demand from the financial sector and offer cloud services that are geared towards financial and insurance institutions.
Advantages of the cloud for banks and insurance companies
Financial organisations benefit from a successful cloud transformation in many ways. Cost-effective, fast, flexible and up-to-date IT is an advantage. In addition, many application solutions are increasingly being developed by service providers in the cloud and are only offered from there. In addition, innovative and new services (such as artificial intelligence) are primarily sourced from the public cloud. The company's own cloud strategy should therefore be an important item on the agenda of every Chief Information Officer (CIO).
Your path to the cloud
Our cloud experts provide you with comprehensive support for your cloud transformation. We accompany you step by step: from the development of a cloud strategy to cloud governance structures and technical implementation. Proper implementation of compliance and security is important to us at every stage. Because we want your journey to the cloud to be secure and efficient at the same time.
Have we piqued your interest?
KPMG Insights on Cloud
Podcast series on the topic of the cloud
All webcasts and podcasts for the financial sector can also be found on our KPMG portal "Video Insights"
Your contacts
Gerrit Bojen
Partner, Head of Technology & Finance Consulting, Financial Services
KPMG AG Wirtschaftsprüfungsgesellschaft
Daniel Wagenknecht
Partner, Financial Services - Technology & IT-Compliance
KPMG AG Wirtschaftsprüfungsgesellschaft
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