With the region’s continuous digital transformation, businesses need to rely on agility and scalability to sustain competitive advantage. PwC’s latest Cloud Business Survey explores cloud computing as a catalyst for transformation and innovation in financial services, as more business executives are adopting cloud services. The survey further highlights the various benefits and gains demonstrated in markets where Cloud services have been utilised and regulations’ active role in supporting the use of Cloud.
According to the survey, 66 percent of the financial services organisations are turning towards Cloud for growth and innovation. This shift towards Cloud comes to benefit the growing variety of built-in features and services that support data lakes, related analytics and AI capabilities and reduce the foundational technical and operational complexity within organisations. With the increase of cloud services in the GCC region, the demand has been growing steadily among financial services organisations, making it a key point of discussion in the transformation agenda. In PwC’s latest Global Annual CEO survey, the results showed that 66 percent of the Middle East CEOs said they expect to deploy cloud technology, artificial intelligence, and other advanced technology in operations. Improving workforce skills is a critical component of this digital transformation, with 74% of Middle East CEOs said they expect to invest in reskilling their workforce. The survey also finds that enterprises have realised the cloud’s full potential, becoming more cloud-powered to enable reinventing their businesses.
Commenting on the results, Julien Chenelat, Financial Services Digital Partner, PwC Middle East, said: “Cloud transformation is a continued journey, not just a milestone. Organisations need to embrace the shift to Cloud services, replacing the rigidity of legacy systems and infrastructure, with modern abstracted on-demand environments and services. This will provide organisations with a competitive edge for agility and scalability. At PwC Middle East, we help businesses reimagine the way they work with our cloud-powered solutions to build trust and deliver sustained outcomes.”
