Twin forces of change—competition and regulation—continue to reshape the financial services industry. The global financial crisis and digitization have helped shift the financial services industry landscape, opening the traditional ecosystem to agile, innovative start-ups and adjacent industries. Disruptive companies use modern applications and analytics to change the rules: banks without branches, insurers without agents, and brokerages without brokers. To compete, financial services companies are undertaking digital transformation initiatives that help them reshape their businesses while they overcome common hurdles: legacy systems of record, data silos, outmoded analytics systems, risk-averse and change-resistant corporate cultures, increasingly sophisticated cybercriminals, the financial cost of data breaches, and new privacy mandates. Adopting cloud services is a key component of this digital transformation journey, yet many institutions are hesitant to go all in on cloud due to lack of expertise and outdated perceptions about security and governance concerns.The reluctance of financial services institutions to fully embrace cloud services contributes to the continued complexity of business operations and underlying systems. Yet the advantages of cloud services are immense: By tapping cloud innovation, you can use valuable business data to improve the customer experience, streamline operations, transform products and services, and increase organizational value. Both newcomers and traditional companies can create new opportunities.