New survey findings from SAP and analyst firm Ovum show a surging demand for cloud technology among retail banks and insurance companies. Software-as-a-service offerings are now being considered in almost all new IT investment projects, according to the report.

Banks and insurers face increasing pressure from new competitors, tighter regulatory requirements and highly sophisticated customers, the report says. They realize that the cloud can create efficiencies and protect their competitive position, especially in the case of SaaS.

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