Accenture to invest $3bn over the next three years to fuel FinTech migration to the cloud

Tech giant Accenture has announced plans to invest $3bn over the next three years to fuel migration to the cloud for its banking and financial services partners.

The announcement came as the company noted in a new report that 58% of banks’ workloads are already dependent on cloud technology.

Accenture also noted that several banks said that if they had already adopted more of the technology in the past, then they would have had an easier time during the pandemic.

“Covid-19 has given new urgency to the banking cloud imperative,” Accenture said in a statement. “Within a few short weeks the scalability, resilience, flexibility and accessibility of public cloud looked a lot more attractive, as banks sought to manage uncertainty and pivot to a different operating model.

“As banking executives assess that potential new landscape, together with the strong performance of the public cloud during the past few months, a typical conclusion is that it’s time to ramp up their banking enterprise cloud strategy.”

The news comes after Accenture acquired cybersecurity consultancy Context and NIKE Group, an Italian consulting firm that provides regulatory technology services and solutions to financial services firms, in the first half of 2020.

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