For completing the digital transformation, there are financial institutions including banks in the country that are still hesitant to embark on a cloud journey. There is help at hand due to genuine apprehensions emanating from safety and regulatory concerns.
Embracing the Cloud ecosystem by banks can open the floodgates to innovations. It can help the banks to drive growth, increase efficiencies, and more importantly, make the customers happier. the regulatory framework within which they must operate and the sensitivity of the data that they handle tends to sap their confidence.
As per Subram Natarajan, Chief Technology Officer, IBM India/South Asia, to address the concerns precisely, IBM has a Cloud service. With the clear intent to handle highly regulated workloads by the world’s first FSS (financial services sector) Cloud provided by IBM has all these capabilities.
To enable a transparent public Cloud ecosystem with the specific features is designed by the IBM Cloud for Financial Services offers. The specific features are required by the financial institutions for security, compliance, and resiliency. Mission-critical applications can confidently host by the banks in the Cloud and transact quickly and efficiently. Some of the infrastructure environments for a subset of applications will be chosen to be moved by the banks to the cloud as a strategy.
The cost benefits arising out of the ‘pay as you use’ models can be realized by the banks and especially for the workloads. To operate both from on-premise as well as on public Cloud interchangeably is possible as it gives them a Hybrid Cloud environment. Users can access more secure, resilient infrastructure which will be enabled by the Hybrid Cloud Platform. Such that users can win in the agile, scale-driven as-a-service economy. Moving the main production environments can occur in phases for a select set of applications throughout the journey. The nuances may vary from one bank to another for this strategy.
According to a recent IBM Institute for Business Value (IBV) survey, to protect the personal information and data of Indian survey respondents to a major extent, 80 percent of them trust the bank and other financial institutions. There is more trust for the bank more than any other organization or institution which is being interacted by India’s citizens and consumers. India’s citizens and consumers will include employers, government, and healthcare providers.
By suitably deriving the insights from the data and infusing the same into the digital journeys such that banks can realize the value of the data or even use them for making business decisions. It is evident that the need for banks to become more data-driven.