Cloud Computing- An Important Factor for Growth in Banking

Jun 28,2019 by Akriti Sharma

3239 Views

Cloud computing is the delivery of computing services such as servers, storage, databases, networking, software, and analytics. For innovation and handling versatile features of the banking industry, with the cloud you are required only to pay according to the usage of resources. For the best system efficiency and scaling up smoothly, banks should continuously upgrade their software.

In recent years, the banking industry is discovering major paradigm shifts for meeting the customers’ demands which pertain majorly to data, technology and IT industry. All the basic services such as core banking, net Banking, Mobile Banking, Wallet and card management are managed aptly with cloud banking. Additionally, the IT department makes sure that cloud computing features are used in a satisfying and appropriate way for the best usage of all resources!

Banks get creative with Cloud as the future!

Creative solutions are offered by “Cloud computing” in the banking industry. With technological advancement happening every day, it shows how creatively technology experts have designed all the tools.

As per the latest McKinsey report, banks can earn an extra USD$350 billion profit by 2025 simply by using technologies such as cloud, AI and big data. Cloud, AI, and Big Data utilize data strategy and distributed applications for generating higher value for businesses. For a detailed report, check this amazing link: https://blogs.thomsonreuters.com/answerson/finance-gets-creative-data-cloud-artificial-intelligence/

State Bank accelerates Innovation with Oracle cloud: The business model of banks is currently focused to achieve client delight and management through IT enabled solutions and services. State Bank, one of the prestigious banks in India, has joined hands with Oracle for better client satisfaction in banking operations. They look forward not only to working with better technology but also get benefits such as rigorous IT solutions, IT hardware, system software package and Networking – “A completely holistic approach of business management”. https://cio.economictimes.indiatimes.com/news/corporate-news/sbi-and-oracle-india-collaborate-on-digital-skills-initiative/53490054
Bank of Baroda– India’s second largest public sector bank has collaborated with global technology giant IBM for cloud. With better features, better scalability, flexibility, efficiency and value management, Bank of Baroda’s users can access business services as per their needs. The cloud technology as well as cost optimization of applications helps in achieving best business outputs. You can connect to this link for more insights: https://cio.economictimes.indiatimes.com/news/corporate-news/bank-of-baroda-collaborates-with-ibm-accenture-for-state-of-the-art-centers-of-excellence/64667328

Banking industry business model- A platform for innovation!

Business model: With Cyfuture supported cloud computing solutions, we offer you a comprehensive shield for assets, better research features, complete preview of data and centralized system management. All these categorized features are best in class for secure banking operations.
Banking benefits: Our Cloud computing model helps in content management and business feature resolutions by saving banks from any compromised content and offers better data connection. With our latest tools of business management for banking data, all the digital formats are well managed and operate ultra-quickly.

Business activities: With our cloud computing backup features, all the business activities are archived suitably. With Cyfuture cloud computing solutions, proper data auditing and management is achieved on a regular basis to analyze cost parameters effectively. All the digitizing, encryption and catalog management are done at our end for user convenience.

Computing facilities: Cloud computing expedites banks in lowering the heavy capital investment on complicated IT infrastructure. Not only does cloud computing convert huge capital expenses into operational expenses, it also provides managed approach across the different platforms. Worldwide, all small and large banks are working on the vision to adopt cloud based- IT solutions to manage expenses on business infrastructure better.

Cloud technology in banking industry has changed its perspective!

Cloud technology incorporates banking industry trends to implement process handling features at quite low prices by managing innovative channels, reduced TAT for new operations, meeting client expectations and abiding by regulative pointers. Cloud based solutions not only deliver better prices across IT solutions and services, but are well versed in handling ever-changing technical paradigms.

With cloud computing, system administration banks can remotely assemble, install, set up and deploy virtual resources for running business queries. Moreover, cloud IT infrastructure is often designed to be handled from any remote point. Even the technology giant “Accenture” has opted for cloud technology: “European banking firms that shift their thinking to focus on technology, rather than finance, at the core of their business”.

Cloud Computing Features- Backbone of Banking Industry!

With the proactive approach of cloud computing features right from management of capital expenses to data handling, banks can flourish in the industry. As Cyfuture helps you in scaling your business to new heights, the onus of your business’s data management lies with us. Added solutions such as core banking solutions, money inclusion, KYC etc. are all handled easily with our cloud platform. Organizational features such as UCBs, PACS, Credit Scores and NBFC use cloud based solutions for optimum performance.

We offer an entire spectrum services in connection with cloud, right from consulting, designing, implementation to data observation functions, so that banks can focus on their core activities. By empowering banking and financial corporate houses with faster innovation, we offer best solutions at optimized prices. Cyfuture offers development on Software-as- a-Service (SaaS) to leverage the complete advantages of Cloud technology.

Cloud in Banking is the Future!

“Should migration be done by banking firms on to cloud platforms?” – is a critical question. The answer is clearly- “yes”, as we tend to place our customers and business prospects at the foremost position for doing business. Cyfuture tends to stress the importance of communication and being clear as far as technology is concerned. Not only can it handle the entire service delivery model, but in addition it creates the best atmosphere for attaining success.

Sometimes, users face a dilemma in the form of questions such as whether to opt for public or private sector provider for best cloud-based solutions. Cloud features in the banking sector focus on scaling and security operations. Cloud-based banking solutions may not have boomed instantly, but banks have observed the trend, since the time is not far off when the banking sector is likely to reach newer heights, riding on the Cloud!