Gone are the days when fears about security and regulatory risks kept the banking industry away from adopting the business agility offered by cloud services. Up till some time back, financial services industry stayed away from cloud vendors; reluctant to share their data with them; security being their biggest concern. However, the scenario is changing and companies are gradually inching towards making such concerns a chapter in the history books of the BFSI industry.
Talking only about cloud technology, it is safe to say that more and more banks are coming around to accepting the associated benefits and leaving their rigorous regulatory fears behind. World Bank, Capital One and a few others are amongst those who have taken the plunge and are skin deep in to planning their cloud environment. In fact Capital One CIO went on record stating that, “The ability to provision infrastructure on the fly is huge for our productivity and speed to market”. This brings us to a pertinent question: Is on-the-go feature of cloud technology the pull for players in the financial services industry?
World Bank offered us the answer to this question by migrating several of its functions to cloud software, starting in 2012 and continuing strong till date. Considering flexibility is their most important feature where they are helping governments with financial and other support, this transformation on to using cloud services was, and is but natural for them. And this is not just about World Bank, it’s about all the corporates, especially the banking and insurance companies which need adaptable and responsive solutions to stand strong in today’s competitive environment. So with security and data breach, a matter of the past, what is holding the banks from taking the cloud plunge?
As per a RightScale2016 State of Cloud Report, lack of resources and expertise has been cited as the top cloud challenge by all of its respondents. The chart below clearly states the shift in challenges in just a matter of one year.
Undoubtedly, while the need for cloud expertise has grown, additional training of IT and development staff is much needed for companies to move past all the obstacles that stand in their way of cloud adoption. Does this imply that the present Cloud vendors have taken in to account all the obstacles and accordingly offer solutions to the BFSI players?
While every cloud vendor will answer this question in their defense, Concur Technologies addresses all Cloud and associated concerns by way of its product offerings. Contact us to understand and hear more on how our Cloud-based Travel & Expense solutions make managing spend simple, so much so that businesses can shift their focus on to other important aspects. As a matter of fact, we will let numbers do the talking on our behalf. All you need to do is, get in touch with us!