Services-as-a-Software (SaaS) spending shows no sign of slowing down. According to forecasts by
Gartner, global public cloud spending on SaaS will jump almost 18% in 2023, from $176,622 million
to $208,080 million. The rise of cloud technology has facilitated the growth of SaaS solutions; as a
result, banks are increasingly partnering with SaaS providers to upgrade their core software, improve
the customer experience, reduce costs and generate revenue.
Given the buoyancy of the SaaS market, we're exploring upcoming trends and strategies for 2023,
and how financial institutions can make the most of the ever-evolving technology.
t this year's Sopra Banking Summit, we discussed cloud-first strategies and the shift in
SaaS adoption across financial institutions. Below, we build on that and delve into the
impact that SaaS will have on the banking sector in the forthcoming year.
ecurity remains as important as ever in banking: a high or critical priority for 70% of
financial institutions, per our 2022 Future of Digital Banking study – unsurprising, given
cyber threats are increasing, with more than a quarter (27%) of consumers victims of
attempted identity or data theft, according to our 2022 Consumer Report.
Given the buoyancy of the SaaS market, we're exploring upcoming trends and strategies for 2023,
and how financial institutions can make the most of the ever-evolving technology.
Moreover, research by Adaptive Shield highlights that 85% of organizations are aware that SaaS
misconfigurations pose one of the biggest cloud risks.
With that in mind, cloud vendors enable security by design for their SaaS customers, allowing them
to build in security and compliance from the outset. For example, AWS Nitro offers enhanced
security and facilitates faster innovation.
