2021: Cloud Trends for the BFSI Sector

Cloud is going to be a crucial factor in BFSI operations of the future:

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As we graduate to a world shaped by physical distancing, banks and financial institutions are adapting and innovating too. For firms looking to recover in the short-term and accelerate their growth trajectory in the longer term, technology-fuelled experiences can help them compete, ramping up services and profitability while reshaping customer experiences. In this scenario, banks must focus on internal IT operations and systems to ensure operational integrity.

This is where the power of the cloud will come in. Core legacy systems can pose challenges to Indian banks due to lack of flexibility, agility and ease of integrating with external systems. Coupled with the plethora of changes in the UPI space, banks are constantly looking at new partnerships with emerging fintechs. In doing this, banks today incur heavy operational overheads to continue to run and maintain legacy systems. Future-proofing of core systems is definitely the need of the hour.

In 2021, cloud will command vital infrastructure for India’s banking and payments sector, enabling agility, improved remote collaboration and faster application development and deployment.

Outlined below are the 3 big cloud trends that ACI Worldwide sees having the biggest impact on India’s BFSI sector in 2021:

REVALUATION OF OPERATIONAL CONTROL PROCESSES