Adapting to change: Cloud transformation in financial services companies in CEE

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Cloud transformation surpasses mere operational migration—it signifies a comprehensive reinvention of business processes, unlocking new value and enabling smarter approaches. Adopting the cloud requires a strategic balance between technology and business considerations. Understanding companies' experience and approaches in this field helps build profound cloud strategy, which leverages advantages and bypasses obstacles. 

In our Cloud Business Survey—CEE edition, we analyse cloud adoption in Central and Eastern Europe, areas to leverage benefits and identify risks to prepare for challenges. Now we are having a closer look at the financial services (FS) sector, aiming to understand the state of cloud adoption of financial institutions in the CEE region, including their cloud maturity, barriers they face and measurable value they have achieved and expect to in the future.

To provide you with a broader business context, we compared CEE findings with those from EMEA and the US. This comparative analysis sheds light on the prospects for cloud transformation, particularly when juxtaposed against more mature markets.

Key takeaways for the financial services sector in CEE

The data indicate that the industry is in the midst of a continuous process of migrating to the cloud, and the next two years will be crucial as most companies have ambitious plans for cloud transformation. Looking at the numbers  of the US and EMEA markets, we expect to see wide scope for transformation in CEE.

• In total, 40% of FS companies in CEE successfully integrated cloud solutions into all or most parts of their business.

• 8% are ‘all-in’ on the cloud and have scaled it throughout the business.

• 32% have adopted cloud technology in many parts of their business and have adjusted their operating model accordingly.

Question: Which of the following best describes your company’s cloud maturity?

Modernisation is the primary focus for leveraging cloud technology and future cloud strategy for 44% of FS companies in CEE. A holistic, multi-faceted approach, which targets applying the most relevant and beneficial method for a specific business goal or case, is adopted by one-fifth.

Question: Which of the following best describes the primary reason your company is leveraging cloud technology?

Although many FS companies in CEE started leveraging cloud technology  primarily to modernise, they plan to focus on cloud-native development in the future.

Question: How do you think your company’s cloud technology strategy will primarily change over the next 12 months?

In aiming to realise measurable value from cloud transformation, organisations face a range of barriers. Challenges for FS companies in CEE include cloud service provider issues, insufficient strategy, lack of cyber and privacy controls, and budget constraints.

Question: Which of the following have been the biggest barriers to achieving measurable value from cloud technologies?

Around half of FS companies in CEE are prioritising data analytics, storage and cybersecurity over the next 12 months. The top three for CEE organisations in non-financial sectors in general show similar patterns—but the order of their importance is different, with cybersecurity being the top priority whereas it is only third most important in the FS sector.

Question: Which cloud capabilities are you prioritising in the next 12 months?