PADUCAH, Ky.--(BUSINESS WIRE)--As technology capabilities continue to advance, financial institutions must manage the intricacies of implementing a strategic, all-encompassing IT infrastructure to meet their unique needs. In order to provide banks and credit unions with deeper insight into how the industry is addressing the latest cloud and managed services offerings, Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end technology solutions that empower financial institutions to remain competitive, compliant and profitable, has published the results of its third annual survey in its Executive Report: Cloud Technology and IT Outsourcing Trends.
This year’s report points to several key trends in the use of cloud technology and IT outsourcing, as well as a continued increase from respondents in the value and benefits hosted solutions provide today’s financial institutions.
Offering data from more than 140 respondents nationwide, the results of CSI’s 2014 cloud technology and IT outsourcing survey provide current insight on the use of these services from executives and senior IT management at various financial institutions. Responses were collected across such key areas as IT services currently outsourced, percentage of IT assets targeted for cloud migration, greatest concerns regarding cloud computing in banking and more.
“A successful transition to the cloud requires financial institutions to first understand the available technology offerings and how they will affect their overall IT strategy,” says Steve Powless, chief executive officer of CSI. “By consistently surveying the industry to uncover the latest trends and concerns, we aim to assist banks and credit unions in making the right choice to fulfill their unique business goals.”
Key report highlights include:
- Based on their current use of financial cloud technology and services, respondents reported increases in all areas of recognized benefits, with percentage gains ranging from 20 percent to 203 percent in comparison to 2013 ratings.
- For the third consecutive year, the number of financial institutions fully outsourcing IT has increased, reaching 16.1 percent for 2014. On the other end of the spectrum, organizations that reported no outsourced IT services dropped from 14.9 percent to 10.2 percent between 2013 and 2014.
- While respondents indicated lower levels of concern in regard to cloud migration as a whole, security and compliance remain the top concerns, although they dropped from 75.2 percent in 2013 to 58.1 percent in 2014.
“With so many new technologies available to today’s financial industry, institutions are now turning to technology partners that can both provide and manage these increasingly complex infrastructures through their skilled resources and support systems,” Powless says. “Our goal as an organization is to simplify cloud and bank IT outsourcing through our suite of managed service offerings and knowledge of the current industry trends gathered from our annual survey.”
CSI published the full survey results, along with expert analysis of key trends, in an executive report, available for free download at www.csiweb.com/cloudtrends.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.