Finance Cloud Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global finance cloud market is expected to register a CAGR of 22.3% over the forecast period of 2021–2026. Along with an increase in the revenue, cloud elevates the number of leads generated along with better pricing.

• The banking services and financial and insurance companies are opting for digital applications to quickly address the customers’ queries and concerns by keeping in mind the long-term benefits as well as achieving a competitive advantage. For instance, Ess Kay Fincorp chose a cloud-based lending platform to digitize its entire lending business for decreasing its loan approval time by 33%.
• Operational efficiency is another factor driving the growth of the finance cloud market. Roha Housing Finance wanted to issue loans within two hours instead of three days. After adopting agility and cost efficiency of cloud-based technology to offer a ‘customer-first’ approach, it was able to offer end-to-end loan processing in seven days, which is 50% faster than the housing finance industry benchmark.
• The financial industry is most prone to cyber threats because of the sensitivity of the data. It continues to grow in frequency, as the data generation volume grows. Equifax has incurred losses so far of about USD 1.35 billion from a devastating 2017 breach that affected more than half of the American customers as well as millions of the consumers in the United Kingdom.