11
Aug

BFSI vertical’s evolution with Cloud

BFSI vertical’s evolution with Cloud

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.
Vaishnavi Kulkarni
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