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The Looming Clouds: How and why cloud services are reshaping the future of financial services in Europe


EuroCloud Europe publishes a new whitepaper in partnership with RedHat and Accenture, tracing the drivers of change across the financial services industry in order to illustrate the trend towards cloud computing,

The financial services industry is confronting challenges across the globe. Externally, it must deal with new regulatory demands for greater transparency, new consumer demands, shareholders calling for faster growth and higher margins, and disruptive competition from both familiar and non-traditional actors. Internally, financial services firms grapple with legacy systems, ossified IT systems, and more.

Cloud computing offers many attractive benefits in this context. Chief among them are the ability to strengthen and streamline a firm’s IT ecosystem, lower operational costs, and shorten time-to-market windows. Cloud computing can make a wide range of financial services operations cheaper, faster, safer, and smarter.

Yet a surprising number of firms have yet to take the plunge and implement a robust cloud strategy. Recent surveys suggestion that 43 percent of banks do not have a cloud strategy or have only started implementing basic cloud practices, Two-thirds say that fewer than half of their business lines are currently using the cloud.

This paper will trace the drivers of change across the financial services industry to illustrate the trend towards cloud computing. Common challenges banks encounter on their drive to the cloud will then be discussed. We will conclude with some discussion of how banks can overcome these challenges.

This Whitepaper was created in a cooperative process between Guido Greber Technology Advisory from Accenture and Konstantin Yershov. Financial Services Solution Architect from Red Hat: both proven financial services and cloud management experts.

We hope you’ll find it useful on your journey to successfully transforming your financial service solution into the cloud.


Zürich, February 2019

Martin Andenmatten (President EuroCloud Switzerland, Vice-president EuroCloud Europe)

Tobias Höllwarth (President EuroCloud Europe)

The whitepaper can be browsed below.

Get whitepaper


53 lawyers from 33 countries are contributing to the project “Cloud Privacy Check (CPC)” in 26 different languages.

Understanding the complexity of current European data protection laws and regulations is already difficult enough for an IT engineer, buyer, or business user. In combination with the often small but nevertheless significant differences between various EU member states, however, it can become an almost insurmountable challenge without proper juristic accompaniment from the very start... Read More



The CPC is a trusted, not-for-profit international network of qualified professionals who deliver simplified and straight-forward guidance to help navigate the legal and regulatory environment relating to privacy and the cloud. This is done through collective know-how, research and market analysis gained from pan-European industry activity, collaboration and experience. Our mission is to provide authoritative views, information and practical solutions to two principal stakeholders: industry professionals and public authorities.