New and innovative technological solutions are not just altering but revolutionizing the delivery of banking and financial services to consumers. The banking, financial services, and insurance (BFSI) sectors are undergoing rapid growth and technological advancements, demanding an evolution in industry standards and practices.
Small and cooperative banks are facing significant challenges in adapting to rapid transformation cycles, implementing faster Go-To-Market (GTM) strategies, and staying competitive with agile fintech entities. How are these fintech players gaining an edge? By leveraging cutting-edge technologies that traditional banks are struggling to keep up with.
What if there was a solution that could not only keep your business up-to-date with technological advancements but also act as a critical enabler for growth? Cloud computing is that solution. Defined by the National Institute of Standards and Technology (NIST) as:
“a model for enabling convenient, on-demand network access to a shared pool of configurable computing resources (e.g., networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction.” (Source– The NIST Definition of Cloud Computing)
Imagine your institution scaling rapidly, enhancing cybersecurity, increasing operational resilience, and saving costs—all while eliminating the headaches of infrastructure maintenance. Cloud services offer these benefits and more, enabling financial institutions to streamline operations and compete effectively.
In our primer, you will discover the five essential characteristics of cloud computing and how they apply to your business:
- On-Demand Self-Service
- Broad Network Access
- Resource Pooling
- Rapid Elasticity
- Measured Service
Learn about the most common cloud service models in financial services, including Business Process as a Service (BPaaS), Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS).
Our primer explores the necessity of digital transformation and a cloud-first approach for the BFSI industry. We also provide a comprehensive migration strategy to help your business adopt cloud solutions effortlessly.
