Cloud computing has ushered revolutionary change in the way organizations are handling and accessing data and applications to enhance their business processes by eliminating need for costly in-house IT infrastructures. The most visible effect of cloud computing can be appreciated in BFSI (Banking Financial Services and Insurance) sector.
Cloud services enable BFSI organizations to leverage a seamlessly available and efficient network of a wide array of servers that are positioned at different locations in diverse geographies. The unique arrangement allows running of any program on all machines at any given time for easy accessibility. Banks or financial institutions with presence at multiple locations can exploit this feature to offer state of the art services to their customers.
Organizations in BFSI vertical are able to eliminate huge capital costs of running and maintaining complex on-site IT facilities that require teams of technically proficient personnel to be present on round the clock basis. It goes without saying that the significant upfront costs of procuring hardware are also eliminated due to cloud adoption.
Cloud is driving a significant change in the way banking and financial transactions are being carried out in the new era of digitization. Although, there was a remarkable skepticism regarding safety of financial data of customers, BFSI organizations are steadily shedding these reservations and are found to adopt cloud computing with more confidence.
Modern public cloud services have been able to improve data security in cloud with help of high end security measures such as end to end data encryption. It is no wonder that several leading banks and other financial institutions are leveraging public cloud to operate their core banking functions.
Moreover, public cloud services are also proving to be excellent resource for management of back-office workloads that are devoid of critical customer information.
The most important reason for banks and other financial enterprises to adopt cloud solutions is the need to reduce costs associated with IT. According to Gartner, owing to a tremendous pressure due to lackluster performance and poor returns on equity, six out of ten banks will be forced to shift their workloads to cloud.
It is a well-established fact that all types of manufacturing companies from various sectors are efficiently implementing cloud computing technologies for fulfillment of different objectives.
Cloud computing technology presents outstanding benefits of economy that are much needed by the BFSI industry. It is easy to deploy cutting edge applications that enhance the overall efficiency of transactions and management.
Banks and financial organizations in the BFSI sector have long been struggling to cope up with traditional systems that are also responsible for restricting growth of this sector.
Banks can now hope to become more flexible and agile in their operations with help of cloud enabled solutions. Cloud can also provide highly appropriate solutions to handle huge inflow of critical information from disparate environments.
Thanks to cloud computing, organizations in BFSI sector are able to implement growth plans and expand across wider geographies for transformation of their operations. They need not invest heavily in procurement of on-site IT infrastructure that needs more space, maintenance, and round the clock presence of technical manpower.
Cloud services help enterprises from BFSI sector gain an excellent competitive edge to improve bottom-line. Financial institutions from insurance and banking verticals are now able to develop and introduce new products with greater agility and frequency for assured market capitalization.
Majority of operations in this sector including ATM transactions, credit card processing, or clearing of financial instruments are supported by established public cloud services.
By adopting cutting edge cloud computing services, banks can explore wide spectrum of benefits that enhance common functional areas. Public cloud solutions provide an excellent backup resource to ensure business continuity in spite of a disaster. Management of corporate governance and implementation of IT policies is supported through cloud’s ability of ensuring endpoint security management.
Policy-makers and top management of BFSI organizations can have instant access to real time insights in terms of customer data across variety of banking platforms. Cloud facilitates third party support to customers of banks to manage their day-to-day paying needs by extension of banking ecosystem.
Secure and highly available cloud infrastructure supports employees from different remote locations to access baking and trading systems via robust networks. This can be further supported by centralized desktop management for seamless control of operations.
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