6 Reasons that Cloud Computing is transforming Banking Sector

6 Reasons that Cloud Computing is transforming Banking Secto

Reasons that Cloud Computing is transforming Banking Sector

Indian Banking Sector “Today” – Scenario

Major transformations are creeping in, when considered the Indian Banking sector. Economic growth and overall growth in banking industry is expected to be boosted by end of 2015. Innovation and implementation of technology has created awareness in this sector and many have already been moving towards upgradation of system for technological advancements.

Banks like HDFC, ICICI, and AXIS and many others are soon launching contact-less credit card with Near Field Communication (NFC) technology, it specifies that we could now make easy transactions without insertion or swiping of cards, now that sounds cool. Well! If banking in India is making so many improvements it is not anyway behind in its step towards Digital India. I hope you have seen my previous post on Digital India.

Abandoning traditional banking methods now this sector is making a new turn, Cloud computing technology in banking sector is also on the rise. Previously it was reluctant to readily embrace innovations in India, but after the awareness and elucidation of related myths, it has been seen that Cloud is becoming favorite amongst banking industry.

I am sure “How” would be the foremost suspicion for you; go on reading further, you will get your answers.

CFOs have novel perceptions now

CFOs are thinking beyond balance sheets now, technology is the new check-in for them and then the revenue and cost metrics. Understanding the buck of the time for improvements with technology, CFOs are shaking hands with CIOs and guess what? Their exchanges are more inclined towards innovative approaches to lead improved client service, operational efficiencies and revenues. Cloud computing accolades with this approach and it has been seen that it is making a spread in this industry.

In 2014, it was noticed that Cloud use and valuation got doubled than in 2013 in this sector applications, 81 % of organizations forecasted an initiation towards cloud for more than 50% of their future transactions.

What makes Cloud big hit?

Undeniably many factors are involved when it comes to Cloud implementation; making a hose of advantages, Cloud makes a big hit in banking segment. Key benefits are:

  1. Reduced costs

No additional investments in management of resources required in banking for carrying data. Cloud makes it easy to invest in required resources by eliminating the cost attached with dedicated hardware and software. eNlight Cloud’s Pay-as-you-go model makes out more results with less investment, it also provides shared application services on demand.

  1. Improved flexibility

In order to sustain in the changing market, it is must to shape technology usage according to the changes and create room in changing demands to sustain in market. Cloud provides this flexibility to survive and respond quickly with customer needs and market changes.

  1. Auto scalability

On demand cloud services enables the scaling of resources as per requirement. Resources can scale up and down according to the requirements. eNlight Cloud is the world’s first auto-scalable smart cloud that makes out this in most efficient way to provide with maximum benefits to the customers.

  1. Improved operational efficiency and Business agility

Cloud enabled increased centralized management of data and reduced complexities allied with changes and increase in data. It facilitates with maximum scope for the future technological evolution in business, being flexible. eNlight cloud for Banking provides a maximum productivity of Banking operations. Businesses can focus more on services than on IT with Cloud adoption, this will make a ground for Business agility with improved operational efficiencies.

  1. Efficient client service

Cloud will ease the activities related to banking for clients, customized and efficient solutions can be provided with faster access. Clients can leverage centralized approach with cloud that would disable the loophole of technologies for banks and clients, transactions will be made smoother and risk free.

  1. Business Continuity

Cloud computing services will make it possible to gain higher securities in data critical sector like BFSI, providing Disaster recovery solutions and complete fault tolerant system. It will facilitate the high level of redundancy in lower prices than it is provided with traditional dedicated Disaster Recovery services.

Cloud will make a new hype in coming years in Banking and other financial sectors. You could checkout this infographics on BFSI vertical’s evolution with cloud to know the current BFSI inclination towards Cloud.

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Vaishnavi Kulkarni

Online Marketing Executive at ESDS Software Solutions Pvt. Ltd.
Vaishnavi is an Engineer and a blogger with an acute inclination to technology, especially the computing technologies. At ESDS, she explores cases of PaaS and related technologies and gives consultation by means of blogs. Connect with her over Twitter and Facebook.
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