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Cloud Computing- Making Banks Futureproof

Cloud computing technology serves as a key for banks to enable digital transformation and be future-ready. Cloud offers banks unparalleled levels of security, agility, and scalability while expanding its capability to manage consumer data.

manoharparakh
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Cloud Computing- Making Banks Futureproof

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  1. Cloud Computingin Banking What should banks know before making the switch to the cloud?

  2. 1. Outline • Financial organizations can benefit from cloud computing in a variety of ways, including: • Cost savings • Usage-based Billing • Business Continuity • Business Agility • However, banks must evaluate concerns such as data confidentiality, security, regulatory compliance, and interoperability before shifting to the cloud.

  3. 2. Cloud computing can boost performance of financial institutions in several ways • Cost Savings: Cloud computing turns the upfront capital investment in IT infrastructure into a smaller, recurring operating cost leading to cost savings • Usage-based Billing: The unique pay-as-you-go model where financial institutions have to pay only for the services they require. • Business Continuity: With cloud computing, the cloud service provider drives thetechnology, ensures data security and disaster recovery • Business Agility: Cloud computing allows quicker development cycles for new products that lead to a quicker and better response to banking customers' needs

  4. 3. Moving to the Cloud: The Challenges • Security • The confidentiality and security of customers' financial data are paramount. Any kind of security breach can lead to financial losses, reputation, and customer trust.    • Regulatory and compliance • Banking and financial institutions have to comply with many government regulations such as banking customers cannot be stored outside the national boundaries and others. 

  5. 4. Factors that contribute to cloud implementation success • Having a clearly defined cloud strategy • Provable return on investment • Demonstrated cloud service delivery capabilities

  6. 5. The Future of Banking is on the Cloud • The benefits of cloud computing for banking sector are clear. • Leads to lower capital costs • Cloud is safe for banking • Enables banks to leverage cloud technology & innovate • Improves customer satisfaction

  7. ESDS BFSI Community Cloud • Cloud dedicated to the banking and finance industry • Supports core banking solutions, hosted banking solutions, security services • Industry compliant cloud Certified by Government of India  • Serving 400 banks and financial institutions across India.

  8. Thank You getintouch@esds.co.in 18002093006 www.esds.co.in

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