Transformational Data Analytics Embraces SaaS Models to Evolve Banks, NBFCs Faster
According to Flexera’s 2020 State of the Cloud Report, there is a rapid increase in cloud adoption globally, since 2019, where 13% of enterprises spent over $12 million, and 50% spent over $1.2 million.
The journey from on-premise to SaaS-based architecture requires multiple levels of testing. The steps require initial unit testing, automated integration testing, and finally troubleshooting.
Advanced production tests are conducted to calibrate the analytics stage enabling continuous improvement. Finally, your data ecosystem providers require ‘quality metrics’ milestones to help their developers enhance their understanding of the user experience and fix issues.
Understanding the Challenges of Banks Shifting to the Cloud
The main challenges in the journey for Banks and NBFCs in transitioning to a SaaS model are the scale of deployment, application modification, and the financial impact of a recurring revenue model. The service requires SaaS Analytics providers to combine the application with the support services to simplify the transition.
Hence, those who want to change the gears need to depend on the analytics partner’s expertise to deploy, manage, and scale applications, as they assume responsibility for the operation of the application on the behalf of the Lender. The complex, dynamic nature of service-based business models requires different subscription models according to the sizes of portfolios.
With this in mind, once a decision is made to make the shift, it will be important to evaluate the different potential SaaS models and adopt a suitable deployment approach. A goal to adhere to here would be allowing for greater learning and flexibility for your teams during the course of the deployment.
Ultimately, Analytics partners should help Banks and NBFCs periodically assess their overall SaaS roadmap to regularly check their progress against their strategic goals.
What SaaS-based Analytics Do Banks Need in Present-Day India?
So, what can banks use analytics modules for in the current day? There are two major uses:
Early Warning Signals
Get in touch with D2K Banking Fintech Consultancy Experts for more information on roadmaps for deploying technologies for comprehensive data analytics.