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Itiviti, a financial technology provider, has announced the cloud transformation of its entire electronic trading platform as a new report finds that the majority of investment banks are implementing cloud computing.
The Association for Financial Markets in Europe and PwC said in a report today that 63% of investment banks are now implementing cloud computing, up from 33% in 2018.
The report surveyed the largest investment banks in Europe to assess their technological progress since the previous report two years ago.
Mark Leaver, partner at PwC, said in a statement that the financial industry has made progress in areas such as cloud computing while the response to the Covid-19 pandemic has shown the resilience of operations and systems. However, he added that much work remains.
Source: AFME and PwC.
“The industry needs to step up its commitment to automation, technology simplification and leveraging the opportunities of new technology,” Leaver said. “Culture change, collaboration and building new ecosystems will be critical to meet the pace of adoption required. Regulators will play a part here as a new framework emerges that will help shape the industry over the coming years.”
The challenges to implementing new technology remain the ongoing pressure on returns, the cost of …
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