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Hi John,
Good article and I support the points in principle. I would add a few further to your key barriers.
Regulatory control in addition to uncertainly. Many financial businesses require to be compliant with the environment of the local territory. This direct impact is the, therefore, the location of the data under which is their control. Although the Cloud itself is non-territory specific, the servers themselves are and therefore fall under the jurisdiction under which they are located. This can cause potential issues.
Legacy Systems
As you say, legacy systems are a huge headache for the incumbent business. Often software built on principles over 20 years old, which have been pieced together into a patchwork of solutions to overcome challenges as they presented themselves. As you say the cost to move is often so significant, it is worth continuing until the point of no choice. Although driven by many factors, a key issue is the time to develop and implement, ultimately cost. We feel the solution to overcome this challenge is enabling this business to quickly develop their own solutions, therefore reducing the cost of change. Making the ROI of movement significantly improved.