BANKING TECHNOLOGY
Five Strategies for Successful Cloud Adoption While detailing the benefits of the cloud and its use options, Puneet Chhahira Head of Marketing and Platform Strategy, Infosys Finacle suggests that Hybrid Cloud is the approach suited to the current level of development
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ust a few years ago, several banks were questioning why they should move to cloud; today, the typical question is how and how soon we can go to cloud. Of the several reasons for adoption, scale, resilience, analytics and competitiveness rank right at the top. Unlike on-premises infrastructure, cloud can support rapidly growing transaction volumes with resilience; it can scale up to meet a demand spike on one day and go right back the next; it can flexibly offer massive computing resources needed for advanced analytics and innovation; and finally, it enables banks to compete with cloud-native competitors on equal terms. But it will take some time before banks attain cloud critical mass – when 60
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percent of their workload has migrated to cloud and is unlocking its full value. Our research, Infosys Cloud Radar 2021, found that only 14 percent of banks have achieved this. The industry is still working through some issues, such as a need for more regulatory clarity on cloud adoption. The good news, however, is that a growing number of regulators are supporting cloud, subject to banks meeting data residency conditions. For banks planning their cloud journeys, we recommend five strategies fo r a c c e l e ra t i n g m i g ra t i o n a n d maximizing value.
Progress to the right
Puneet Chhahira, Head of Marketing and Platform Strategy, Infosys Finacle
Banking and Finance news in the MEA market
The cloud journey progresses along a continuum that has Infrastructure as a Service (IaaS) at the left end, Software as a Service (SaaS) at the right, and Platform as a Service (PaaS) in between. The way applications are deployed, and the stack is managed, is different in each case. A traditional bank running on on-premises infrastructure will likely pass-through IaaS and PaaS before arriving at the Software as a Service stage, where there is maximum value. But for cloud-native, digital-born entities, this is certainly an option, one that they are
