Paul Ventura, head of architecture and strategy at BT Financial Group said of the top three industries moving to the Cloud, financial services sits at number two.

"The financial services industry wants to take advantage of this, but it's a conservative bunch," Ventura said.

"How many Cloud services is the average financial organisation engaged with, but not necessarily aware of? Estimates are probably 20 services (categories) that are subscribed to without a conscious decision being made."

Speaking at this year's , Ventura said organisations need to design the authority in-house and clearly define how their chosen Cloud can evolve over time.

"Why go there? It's worth understanding the context for financial services. The first is costs and the second is agility," he said.