(MENAFN – IANS) By Gokul Bhagabati
New Delhi, Aug 23 (IANS) For those financial institutions, including the country’s banks, that are still reluctant to embark on a cloud journey towards full digital transformation due to real concerns stemming from regulatory and security concerns, there is help at your fingertips, says IBM Executives in India.
Banks know that embracing the Cloud ecosystem can open the door to innovations that can drive growth, increase efficiency and, most importantly, make customers happier.
But the sensitivity of the data they manage and the regulatory framework within which they must operate tend to undermine their confidence.
However, IBM has a Cloud service to address these concerns, two senior executives from the company said.
“The world’s first financial services industry (FSS) cloud provided by IBM has all of these capabilities, with the clear intention of managing highly regulated workloads,” Subram Natarajan, Chief Technology Officer, IBM India / South Asia told IANS. .
The IBM Cloud for Financial Services offering is designed to enable a transparent public cloud ecosystem with the specific security, compliance and resilience features required by financial institutions.
IBM says banks can securely host their mission-critical applications in the Cloud and transact quickly and efficiently.
“As a strategy, banks can choose to move some of the infrastructure environments for a subset of applications to the cloud,” Natarajan said.
“While banks can realize the cost benefits of ‘pay-per-use’ models, particularly for these workloads, it offers them a hybrid cloud environment to operate from both on-premise and public cloud. , interchangeably, “he added.
A hybrid cloud platform will enable users to access more secure and resilient infrastructure to win in an agile and scalable as-a-service economy.
“During the journey, moving major production environments can happen in stages for a select set of applications. Of course, the nuances of this strategy can vary from bank to bank,” Natarajan said.
According to a recent IBM Institute for Business Value (IBV) survey, 80% of Indian respondents trust their bank or other financial institutions to largely protect their information and personal data.
Indeed, research indicates that Indian citizens and consumers trust their bank more than any other organization or institution they interact with, including their employers – 78%; their government –76 percent; and their health care providers –73%.
Banks can realize the value of data by conveniently deriving insights from data and infusing them into digital travel, or even using them to make business decisions.
“The need for every bank to become more and more data-driven is evident,” Natarajan said.
“Therefore, modernizing the data platform, which allows the bank to collect data from various sources – internal and external, organizing them to make them meaningful, conducting analyzes using Artificial Intelligence / Machine Learning methodologies to bring out insights and finally integrate them into business processes, is the way to go, “he added.
According to Arijit Bonnerjee, director of financial services, IBM India / South Asia, IBM has worked with many banks both globally and in India to help them adopt the next generation business model it calls “The Cognitive Enterprise”.
“It starts with building the right information architecture to harness the power of data and then use Artificial Intelligence to make customer interactions more contextual, personalized, and instantly rewarding,” he said.
IBM said its Hybrid Cloud platform has generated over $ 23 billion in revenue over the past 12 months.
(Gokul Bhagabati can be contacted at)
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