The future of the retail banking industry will be shaped by a range of disruptive themes, with cloud computing being one of the themes that will have a significant impact on retail banking companies. A detailed analysis of the theme, insights into the leading companies, and their thematic and valuation scorecards are included in GlobalData’s thematic research report,Cloud Computing in Banking – Thematic Research.  Buy the report here.

Computing delivered as an online service. It encompasses the provision of IT infrastructure, operating software, middleware, and applications hosted within a data centre and accessed by the end user via the internet. The cloud can help banks to address these issues at a cheaper price and often quicker than the alternatives.  


The cloud can offer quick and agile deployment of cybersecurity. By using cloud managed services, a bank can outsource its cybersecurity management at a lower cost. The outsourcing of infrastructure management allows a bank’s IT team to focus on the development of new products, increasing their productivity and helping to speed up the bank’s digital transformation. The cloud offers unmatched scalability that can be used ad-hoc. Banks can use this to develop products faster; and ensure that they can access technologies such as big data and AI with ease. The carbon footprint of a bank’s data centres will also be reduced with a move to the cloud. 

However, not all companies are equal when it comes to their capabilities and investments in the key themes that matter most to their industry. Understanding how companies are positioned and ranked in the most important themes can be a key leading indicator of their future earnings potential and relative competitive position.  

According to GlobalData’s thematic research report, Cloud Computing in Banking, leading adopters include: DBS, USAA, BBVA, Alphabet, La Caixa, mBank, Amazon, Nubank , Ant Group and Tencent. 

Insights from top ranked companies  


DBS, the largest bank in Southeast Asia, is one of the leading cloud adopters in banking. It has adopted a hybrid cloud approach with a big focus on reducing its data centre footprint. The firm wants to decouple its applications from the infrastructure stack by using containers, a form of operating system virtualisation that allows developers to isolate and package up all or part of an application into a portable building block. DBS has several cloud partners including AWS, Red Hat OpenShift, and Pivotal Cloud Foundry. 


BBVA is a leading cloud adopter. The firm has moved its infrastructure to the cloud with a series of partners, including Google and AWS. BBVA has also been actively developing commercially available cloud platforms. BBVA’s Open Platform is offered as-a-service to other banks and offers them the possibility to integrate payments and other banking services into their own business processes. 

To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Cloud Computing in Banking.

  • KEB Hana Bank
  • RBC
  • Apple
  • US Bancorp
  • Bank of Montreal
  • HSBC
  • Westpac
  • Lloyds Banking
  • Bank of America
  • UOB
  • PNC
  • ING Groep
  • Monzo
  • State Bank of India
  • Revolut
  • Commonwealth Bank of Australia
  • Capital One
  • Nordea
  • Axis Bank
  • JPMorgan Chase
  • ICBC
  • Wells Fargo
  • TD Bank
  • Citigroup
  • Santander Group
  • Societe Generale
  • Swedbank
  • Sberbank
  • Intesa Sanpaolo

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Frequently asked questions

  • 1. How are Banks using cloud computing?

    Banks are using cloud computing to improve process efficiency and scalability. They are investing in as-a-service offerings, which provide cost-effective solutions tailored to avoid relying on in-house expertise. Cloud managed services relieve internal teams from the burden of managing cloud usage, security, and operations, allowing them to focus on product development. Banks are also adopting a hybrid cloud model, a combination of both public and private clouds, to store customer data in the private cloud or on-premise for security and compliance reasons.

  • 2. How does cloud computing impact the Banking industry?

    The advantages of using cloud computing in the banking industry are extensive. It can help companies modernize infrastructure,scale operations, reduce costs, improve resiliency, and build new revenue streams and services. Cloud-based systems have helped banks adapt to the rise in remote working, increased customer app use, and associated security and fraud risks.

  • 3. Who are the leading adopters of cloud computing in Banking?

    The leading adopters of cloud computing in banking include digital banks such as N26, Monzo, Revolut, and Starling, as well as incumbent banks such as Bank of America, DBS Bank, Capital One, UBS, JP Morgan, Goldman Sachs, and China Construction Bank.

  • 4. Who are the leading cloud computing vendors in Banking?

    The leading cloud computing vendors in banking include public cloud providers such as AWS, Microsoft, Google, and Alibaba, as well as specialist cloud vendors for banking such as Apprenda, Amdocs, Avaloq, FIS Profile, Fiserv, Infosys, Mambu,, Temenos, and Thought Machine.

  • 5. What is the Impact of cloud computing on Banking?

    The impact of cloud computing on banking has been significant, with banks able to improve process efficiency, scalability, and personalization of services. Cloud computing has also helped banks to improve the efficiency, effectiveness, and scalability of their call center operations while providing a better customer experience.

  • 6. What are the challenges with adoption of cloud in Banking?

    The challenges with adoption of cloud in banking include governance, cybersecurity, vendor lock-in, maintaining interoperability, compliance, and resiliency. Risk integration and rigorous testing must be at the core of cloud migration plan development to ensure that enterprise risk and performance standards are upheld.

  • 7. What is the projected market size of cloud in Banking?

    According to GlobalData forecasts, retail banks' total spending on IaaS, PaaS, and SaaS will increase at a CAGR of 22.7% from 2021 to 2026. SaaS represents the largest portion of global cloud services revenue and will maintain this dominance over the coming years. GlobalData expects the SaaS market in retail banking to expand at a CAGR of 23.3% between 2021 and 2026, faster than both the PaaS and IaaS markets, which will record CAGRs of 22.8% and 20.5%, respectively, over the same period.

  • 8. Who are the leading specialist cloud vendors in Banking?

    The leading specialist cloud vendors in banking include Apprenda, Amdocs, Avaloq, FIS Profile, Fiserv, Infosys, Mambu,, Temenos, and Thought Machine.

  • 9. What are the components of the cloud value chain?

    The components of the cloud computing stack include Software as a Service (SaaS), Platform as a service (PaaS), and Infrastructure as a service (IaaS). Cloud professional services such as cloud brokerage, cloud integration, and managed cloud services are also a component of the cloud value chain.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Thematic Scorecard ranks companies within a sector based on their overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of their future earnings and relative position within key strategic areas.