Explore How the Cloud Drives Innovation in Finance and discover its Benefits in BFSI
With new technologies and innovations becoming an integral part of Banking, some main implications are to explore and adopt new software architecture. Banks have to watch out for costs, mitigate risks, improve data processing speed, faster interoperability, and expand imprints in emerging markets.
This is where the Cloud Hybrid models come to the forefront.
A Hybrid Cloud model makes Financial Institutions competitive, as it streamlines business processes and secures data. India’s banking sector was in a nascent stage for cloud adoption before the outbreak Covid19. But now, with 30-40% enterprise cloud adoption, India has gradually grown into a top hybrid cloud market.
The main goal and advantage of cloud migration is to host applications and their data in the most efficient way possible. Nowadays, companies migrate on-premises software and data to cloud infrastructure to enjoy new-age benefits.
Cloud Migration for Applications and Data in BFSI
Moving core systems and functions to the cloud can be a dream come true for performance growth teams. Two factors drive this trend – 1) Ever-changing user experience and 2) The drive to improve performance.
Customers require improvised user interfaces. Here, Financial Services Companies keep up with changing consumer demands. As a highly adaptable platform, the cloud provides quicker time to market and significant opportunities for growth. Also, most importantly it lowers costs.
Below are the ways, Cloud migration increases the performance of multiple lending and financial processes.
Faster Scalability
Clouds allow plug-and-play integrations to add new features to existing applications.
It not only enables faster deployment of services through PaaS, SaaS, and Cloud Services but also improves systems agility to scale up effortlessly. It offers on-demand scalability of processes and capabilities to manage costs in line with user and business demands.
Cost Reduction
Clouds help evade costs associated with upgrading on-premises infrastructure, which is expensive and, in some cases, unreasonable. It also makes on-premises infrastructure management redundant, which helps banks to focus on value-added functions more closely.
Business Diversification
Cloud migration fosters increased operational efficiency and a better infrastructure for innovation, allowing Traditional Banking to keep up with the changing pace of the market.
Implementing a multi-tenant PaaS on the cloud, banks will be able to offer state-of-the-art financial solutions to their customers including internet banking, online money transfer, ATM, and mobile banking at a much lower cost.
Connect with D2K Banking Fintech Experts, the leading fintech solution architects, to explore innovative Cloud Hybrid models that streamline banking processes, secure data, and enhance performance.