This report provides a comprehensive view of the dynamic cloud adoption landscape in the financial services sector, focusing on key aspects such as cloud strategy, governance, regulation, and data. Drawing from insights derived from Reply’s execution of over 1,200 cloud projects and interviews with senior industry leaders, it presents a comparative analysis of the transformative changes, challenges, and opportunities in financial institutions’ journeys to the cloud. The survey results from financial institutions also reveal a different perspective on machine learning, despite the widespread buzz.