BFSI vertical’s evolution with Cloud
Cloud Computing is buzzing in technology spheres. Banking & Financial Service Institutions are possibly the most advanced in terms of technology adoption and use it as a key differentiator, BFSI sector is not behind in leveraging advantages of Cloud technology too.
Total expenditure by this sector on the cloud could reach approximately between 15b $ and 20b $ this year.
Challenges mostly faced by BFSI in India
- Risk management mechanism
- Technology adoption
- Lack of Flexibility
- Slow Time to market
- Low IT Budgets
- Lack of Scalability
- Regular Regulatory Compliances and Policies upgradation.
Overcoming challenges with Cloud
- Enterprise technology standardization : With Cloud now standardization of operations can be asserted
- Virtualization: Data is completely virtualized and can be managed centrally
- Mobility: Provides Flexibility of data access
- Time to market : Business agility improves and Time to market decreases
- Scalability : Cloud can be scaled vertically with increase and decrease of load
- Prominent cost savings : Cloud reduces CAPEX and OPEX resulting clear cost savings
Cloud Reach and Scope in BFSI: Survey with CIOs and IT decision makers
CIOs and IT decision makers in BFSI verticals expect to see the greater future investment in cloud.
- 42 % expect SaaS spend will “increase significantly” over the end of 2015,
- SaaS is the preferred option for 27 % of banks and insurers, with a further 42 % considering it for every IT project.
- 49 % expect SaaS to see increased or significantly increased investment over the end of 2015. This will be focused on growth objectives for banks.
- 80 % agreed with the view that SaaS enables organizations to respond more rapidly to market opportunities. Another 79 % agree that SaaS makes it easier for new entrants to the market.
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