Since the inception of cloud computing, we’ve several organizations from the Banking and FinTech world who are incrementally migrating to it. The amount of data produced and consumed is increasing exponentially in the financial sector. The need of an hour for banking organizations is to install systems that scale. The technology provides more control with improved transparency to audit processes and information. It offers a better scalable solution for data classification.
If you’re considering creation of cloud solutions but aren’t sure how it fits into the financial organization, this blog is for you.
Here is what we’ll cover;
Cloud has emerged as the catalyst for enterprise business transformation for a financial services organization. As banks are gradually adopting cloud technology, it’s essential to operate better in the future.
It is the right time to realize that cloud is a transformational model, which can drive the banking business to the next level. Banks should make it a point to make a shift gradually yet steadily to advanced architectures for increased productivity and ROI.
Rishabh Software offers unique custom solutions to accelerate digital transformation.
Despite the numerous benefits of cloud computing technology, many financial organizations are still hesitant to adopt it. Here are some challenges that stop banks from implementing it:
Financial firms must choose the right partner, services, operating models, and deployment to address security, control and compliance concerns.
Suppose you’re a financial firm planning to move from a capital-intensive approach to a more flexible business model to lower operational costs. In that case, it is essential to consider an experienced vendor. The key to success lies in choosing the right services model that matches your business requirements.
Business Process-as-a-Service (BPaaS) – This model is used for standard business operations such as billing, payroll and human resources.
Software-as-a-Service – In this model, business software and related data are housed by the service provider. Users get access to software and data via a web browser.
Platform-as-a-Service (PaaS) – They offer a complete platform to businesses to develop, run and manage their applications. It eradicates the need to engage in infrastructure complexities. PaaS helps streamline the development, maintenance, and support of custom apps.
Infrastructure-as-a-Service (IaaS) – Despite investing in software, servers, network equipment, or data center space, enterprises can purchase these resources as fully outsourced services.
It is vital to choose a suitable delivery model with the required mix of resources and assets. Rishabh Software works with global customers across the listed three operating models:
Skillset Capability Development
Financial organizations can gain expertise by hiring resources with the right skill sets as per the need. This model provides flexibility to choose the best resource pool for the varied requirements.
This model provides a dedicated pool of experts or centers to help with cloud operations and meet demand. It is an excellent alternative to an absolute outsourcing approach.
In this operating model, offshore centers, facilities and resources from third-party vendors manage operations. It blends resources and investments to cater to the services for multiple banks.
Getting your operating model right is the key to driving business growth. Our specialists can assist you design and build your cloud infrastructure. We identify the best way to manage your hosted services. Our development focus on cloud computing technology in the banking sector includes:
To conclude, cloud computing has immense potential to deliver massive cost savings to the finance industry. It can help transform the digital landscape to achieve your business goals, ensure compliance and data security. While selecting the ideal services partner, banks must consider many aspects, including strategy, regulatory compliance, technical compatibility and cybersecurity. As a cloud application development company, Rishabh Software is at the forefront of this focus to provide development, reengineering & integration services to support financial organizations – which is our prime goal.
Our specialists can help you define the right strategy to stay ahead of business trends and gain a competitive edge to serve your clients better.