Counter argument for the sake of discussion….
For most core enterprise applications at least in the BFSI space, cloud does make a difference but not as much as it is hyped. As you go up the cloud stack from network to server to applications, shareability goes down drastically in this space, to the extent it start matching on-prem software.
Yes, for peripheral applications where pay-as-you-go is a thing in form of SaaS or whatever, it makes a lot of sense. Switching cost for core banking or insurance platforms is tremendous. It is major vendor lock-in which takes 5 years to fully switch (for a medium size org). So all that applies to a typical SaaS offering, doesn’t work here.
Monoliths can be ported and scaled on cloud too. Two decade old platforms were also written to scale. And it is not that Incumbents are sitting idle. They are investing heavily to upgrade themselves. Especially when the volumes are fairly predictable, it gives them ample time to adjust for their existing implementations.
In short, it is wonderful that IDA is building futureproof platforms, but one must take it with a pinch of salt.