The big BFSI enabler

How the cloud will accelerate economic recovery from the pandemic driven slowdown and drive the growth for India’s banking sector

- CIARAN CHU

2020 has been a whirlwind year. Among the profound changes the pandemic has ushered in, the mass adoption of digital payments and banking platforms is likely to be long lasting in nature. As we adapt to a world shaped by physical distancing, banks and financial institutions are adapting and innovating. 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 and ramp up services. It will also help organizations improve profitability while reshaping customer experiences.

Additionally, banks must focus on internal IT operations and systems to ensure operational integrity. This is where the power of the cloud will come in. In 2021, cloud will power vital infrastructure for India’s banking and payments sector, enabling agility, improved remote collaboration, and faster application development and deployment.

Outlined below are the three big cloud trends that are likely to have the biggest impact on India’s BFSI sector in 2021.

1 Revaluation of operational control processes