Cloud Route to Banking
Arindam Mukherjee, Vertical Head - Banking & Financial Services, Cisco India &SAARC
Article was published in the BFSI Vision
Traditionally, Indian BFSI organizations have preferred private clouds instead of the usual public or hybrid cloud models citing data security as a concern. For the cloud business model to gain momentum, going forward, every conversation must begin with an understanding of the expected business outcome and reveal if the goal is around lower TCO or if it is enabling greater innovation, or is a blend of both?
One of the biggest obstacles to IT service delivery using cloud computing is that most organizations are not sure if their data and applications are secure within the cloud infrastructure where servers, networks, and storage are all shared resources. Once these apprehensions are cleared, the CIOs of BFSI institutions can formulate their cloud strategy and shape their infrastructure so that it is not fundamentally weak. In order to do that, and help datacentres to maximize on the benefits of cloud computing, an assessment parameter must be drawn.
According to analysts cloud computing is becoming one of the top priorities for the CIOs of global financial service companies. While the degree of adoption may vary from one institution to another, and from one region to another, the basic factors that influence the decision makers to adopt cloud computing remain same. These include:
- Efficient deployment of IT- Enabling quick and timely deployment of applications, IT services, or infrastructure
- Enhanced user experience- Providing a consistent, highly secure, and integrated user experience for customers
- Agility - Creating an ability to respond to business demand as and when needed due to an integrated IT supply chain enabled by a flexible and adaptable cloud
- Efficiency - Providing maximum return on assets with minimum capital invested through optimal use of people, processes, and technologies with a new cloud delivery paradigm
Cloud computing can provide flexibility, efficiency and democratization around resource allocation, but enterprises need to validate their infrastructure demands and expectations before moving on to the cloud. Otherwise it could lead to disappointing results. Customers must tread this path carefully and in a planned manner.
The cloud has many facets and each one of them is meant to address a different business challenge. The goal is a trusted cloud having the network as the logical platform to bring existing assets in the datacentre and new cloud computing approaches together with virtualization, governance, security, information and applications. A shift to cloud will also open up more opportunities for BFSI institutions as they look to branch out strategies and reach customers in a cost effective manner to retain customer mind and wallet share. The success of adoption to cloud depends on efficient planning and ability to deliver initiatives of this complexity and magnitude with ease.