cxo voice
  • Home
  • News
  • View Points
  • Leaders Talk
  • Cyber Security
  • AI
  • Blockchain
No Result
View All Result
  • Home
  • News
  • View Points
  • Leaders Talk
  • Cyber Security
  • AI
  • Blockchain
No Result
View All Result
Leaders Interview, IT and Technology News India | CXO VOICE
No Result
View All Result

Home » Banking » Five Benefits of Deploying Cloud in Banking

Five Benefits of Deploying Cloud in Banking

Ritesh Varma by Ritesh Varma
June 19, 2020
Reading Time: 3min read
Cloud in Banking benefits

Image: Ritesh Varma

Share on FacebookShare on TwitterShare on LinkedinShare via E-Mail

In today’s competitive banking environment, cloud has overtaken on-premise deployment to become the rule rather than an exception. As we begin strategizing for a post-COVID world, one thing is clear – the scenario demands for digitally-enabled banks, supported by cloud.

Cloud enables financial institutions to be more agile, scalable, and flexible with its ability to operate in a dynamic, contact-less environment. Migrating traditional data centers to a cloud server helps in increasing security, boosting data-handling capacity, and providing access to new delivery channels.

Banks can unlock the following five benefits with cloud

1. Scalability and Flexibility

Architecturally, cloud-based infrastructure is connected to multiple servers simultaneously. This allows banks to increase or decrease their processing capability based on evolving market conditions without any additional investment. The ability to rapidly scale cloud computing capacity allows banks to keep up with customers’ demands and remain competitive in a dynamic ecosystem.

2. Cost Optimization

Cloud plays an important role in reducing the total cost of ownership of software infrastructure by minimizing hardware equipment costs and shrinking IT expenditures. Transitioning from legacy systems to a more efficient, cloud-based setup eliminates the overheads involved in developing and maintaining servers. For this reason, many banks are moving to a digital-only model, leveraging cloud to offer systematic processes and for quickly adapting to organizational changes.

3. Increased Process Efficiency

The adoption of a cloud-based model helps banks to streamline their processes and deliver secure and touchless services, especially relevant in the current business environment. Processes like online payments can be further simplified by connecting buyers and sellers on a common, cloud-enabled digital platform. Cloud also enables the banking sector to develop new products and services that reflect the pulse of the market, based on data analytics.

4. Agility and Innovation

Cloud can allow banks to innovate and transform their customer experience by streamlining processes and utilizing new-age technologies, like artificial intelligence, machine learning, and robotic process automation. Cloud-based infrastructure also provides quick access to software and application updates without requiring additional investments, making banks more agile and responsive to changing market trends.

5. Enhanced Data Security

Cloud equips banks with control over data storage and visibility into all transactions. Banks can leverage cloud to continuously monitor their end-to-end processes and immediately recognize security breaches, such as money laundering and fraud. Cloud-based infrastructure allows banks to respond rapidly to potential risks and safeguard their customers’ data.

Cloud has the potential to transform a bank’s digital landscape—helping to achieve their business goals, ensure compliance and data security, and deliver an omnichannel customer experience. While selecting the ideal cloud services partner, banks must consider many factors, including business strategy, regulatory compliance, technical compatibility, and cybersecurity.

As digitization swiftly becomes the norm, banks can harness the power of cloud to gain a competitive edge and stay relevant in the dynamic business environment.


  • Six Data Security Tips for Enterprises
  • Past, Present, and Omnichannel Based Future of Banking
  • Combating cyber threats: 10 security tips in the COVID-19 era

Tags: BankingBFSICloud ComputingCloud in BankingDigital TransformationDigitization
Ritesh Varma

Ritesh Varma

Ritesh Varma is Global Head - Presales, Business Solutioning and Disruptive Consulting at Newgen Software

Related Posts

Key Fintech Trends to look out for in 2021
Finance

Key Fintech Trends to look out for in 2021

January 8, 2021
Enterprises, and MSMEs IoT
Leaders Talk

IoT is now seen as an essential enabler for the enterprises to be future ready : Joyjeet Bose

November 30, 2020
10 Benefits of Adopting RPA in Banking and Financial Sectors
Automation

10 Benefits of Adopting RPA in Banking and Financial Sectors

November 9, 2020
Lending-as-a-Service – Opening New Avenues for Banks
Banking

Lending-as-a-Service – Opening New Avenues for Banks

October 16, 2020
Gartner Forecasts Worldwide Banking and Securities IT Spending to Decline by 4.7% in 2020
Banking

Gartner Forecasts Worldwide Banking and Securities IT Spending to Decline by 4.7% in 2020

August 13, 2020
Net Magic Zerto
News

Netmagic Partners with Zerto to Expand Its Disaster Recovery as a Service (DRaaS)

August 4, 2020
Google cloud wipro
News

Google Cloud to Advance Wipro’s DigitalTransformation strategy

July 28, 2020
Technology Adoption For Entrepreneurs
Entrepreneur

Technology Adoption For Entrepreneurs

July 16, 2020
Load More
Next Post
Cybersecurity important for digital journey

Cybersecurity Is Crucially Important For The Growth Of Digital India

Discussion about this post

ADVERTISEMENT

Expert Views

Key Fintech Trends to look out for in 2021
Finance

Key Fintech Trends to look out for in 2021

January 8, 2021
Banking cybersecurity
Cyber Security

Why Banks and NBFCs must exercise extra cybersecurity measures during festival times?

December 11, 2020
impact of Covid-19 on retirement planning
Insurance

The impact of Covid-19 on retirement planning

December 1, 2020
Cyber Security Awareness
Cyber Security

Five Ways To Enhance Cyber Security Awareness

November 18, 2020
Low Code: Transforming Banking, Today and Tomorrow
Banking

Low Code: Transforming Banking, Today and Tomorrow

November 9, 2020

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Inerviews

Enterprises, and MSMEs IoT
Leaders Talk

IoT is now seen as an essential enabler for the enterprises to be future ready : Joyjeet Bose

-
Security While Working Remotely interview with Filip Coftas
Cyber Security

Security While Working Remotely [Interview]

-
Akita Security Device Help you Protect your Security During COVID-19 [Interview with Zakir Hussain]
COVID-19

Can Akita Security Device Help you Protect your Security During COVID-19 [Interview]

-
digital transformation and customer experience Newgen software
Interview

Digital Transformation Journey helps Newgen Software Improve Customer Experience [Interview]

-

Entrepreneur

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

Significance Of Ethical Entrepreneurship In The Post COVID-19 Economy

Five tips for entrepreneurs to tide over the coronavirus crisis

CXO VOICE is a premier resource for the enterprises, SMBs and Startups CXOs and business leaders, It enables CXOs and business executives gain access key insights, experts views, analysis, business strategy, and leaders interviews on what’s happening in the market and its impact.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

[email protected]

Newsletter

Subscribe to our mailing list to receives newsletter direct to your inbox!

  • Home
  • About
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

© 2018 CXO VOICE

No Result
View All Result
  • Home
  • News
  • View Points
  • Leaders Talk
  • Cyber Security
  • AI
  • Blockchain

© 2018 CXO VOICE