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Cloud and Data Transformation in Banking Summit

What is Cloud computing?

Cloud Computing is the delivery of on-demand computing services — from applications to storage and processing power — typically over the internet and on a pay-as-you-go basis.

What are the benefits of Deploying Cloud in Banking?

Cloud enables financial institutions to be more agile, scalable, and flexible with its ability to operate in a dynamic, contact-less environment. Migrating traditional data centers to a cloud server helps in increasing security, boosting data-handling capacity, and providing access to new delivery channels.

Banks can unlock the following five benefits with cloud

1. Scalability and Flexibility

Cloud-based infrastructure allows banks to increase or decrease their processing capability based on evolving market conditions without any additional investment. The ability to rapidly scale cloud computing capacity allows banks to keep up with customers’ demands and remain competitive in a dynamic ecosystem.

2. Cost Optimization

Cloud plays an important role in reducing the total cost of ownership of software infrastructure by minimizing hardware equipment costs and shrinking IT expenditures. Transitioning from legacy systems to a more efficient, cloud-based setup eliminates the overheads involved in developing and maintaining servers. For this reason, many banks are moving to a digital-only model, leveraging cloud to offer systematic processes and for quickly adapting to organizational changes.

3. Increased Process Efficiency

The adoption of a cloud-based model helps banks to streamline their processes and deliver secure and touchless services, especially relevant in the current business environment. Processes like online payments can be further simplified by connecting buyers and sellers on a common, cloud-enabled digital platform.

4. Agility and Innovation

Cloud can allow banks to innovate and transform their customer experience by streamlining processes and utilizing new-age technologies, like artificial intelligence, machine learning, and robotic process automation.

5. Enhanced Data Security

Cloud equips banks with control over data storage and visibility into all transactions. Banks can leverage cloud to continuously monitor their end-to-end processes and immediately recognize security breaches, such as money laundering and fraud.

What are the key challenges of cloud computing in banking industry?

The Cloud Computing technology is digitally transforming many sectors. Banking and financial services are the prominent sector which is utilizing cloud technology due to the rise of mobile banking, fintech and virtual transaction services.

1. Data and Security Privacy

Bank data are sensitive data and keep it protected from the cyber breach is utmost importance for banking sectors. security is the most important challenge. Data security incidents are inevitable but preventable

2. Lost Productivity and Competitive Edge

Organizations lose out on productivity benefits of cloud applications, banks face hours or days of server downtime; affecting customers and employees simultaneously.

3. Controlling Critical Business Applications

Handling control of critical business applications and data is very crucial for every financial institution. Giving it off to third party cloud provider could reduce the ability to be flexible and agile

What is Data Transformation?

Data transformation is the process of converting data from one format to another, typically from the format of a source system into the required format of a destination system. It is an integration of various digital technologies (such as AI, Blockchain, Cloud Computing, IoT and more) into all areas of business.

Why Banks are Transforming their data?

Today’s banks are betting big on Big Data and power of Advanced Data Analytics so that it delivers value right from the start. The data is changing in the banking landscape and so is how its stored, interpreted, analyzed and put to use to monetize effectively.
Although earlier data transformation was driven primarily by regulatory compliance needs but now slowly banks focus has shifted to data quality and therefore, they are investing heavily to revamp their data architecture and moving away from their age-oldlegacy IT infrastructure.
With the advent of Open Banking / Open Finance and rise of FinTechs banks have realized that they need to reinvent how they put the Data to the right use and leverage from disruptive technologies including AI, ML, Cloud Computing and Data Analytics.

What is Cloud and Data Transformation in Banking?

Cloud computing is the contemporary transformative digital solution that offers unprecedented security, quickness and scalability to banking industry, while improving the ability to manage customer data. Additively the application of cloud computing in banking industry provides the relative solution for the security issues. Large banks, building their own customized financial cloud as a precise tool, in contrary small banks relying on public financial cloud for a cloud service provider, can help their business to grow quickly and effectively by reducing information gap with limited man power.
Data transformation increases the efficiency of business and analytic processes, and it enables businesses to make better data-driven decisions. During the data transformation process, an analyst will determine the structure of the data.It can access large data sets and quickly transform them as necessary for the task at hand. This type of process can also run data discovery to find just the files or formats that are necessary for the transformation, then it only converts data matching the requirements and leaves the rest alone.

Where does Cloud &Data Transformation fit into the Digital Transformation Journey in Banking Sector?

Cloud and Data transformation plays a central role in the delivery and execution of holistic digital transformation strategy. It also captures fast-changing needs and uses analytics to predict future trends. Cloud technologies can be used to continuously re-caliber the transformation strategy based on frequent feedback and ability to adapt and deliver changes faster in banking sector and big data can implement and refine the right, unified tools, data strategy, data management, process and analytics to enable that accurate data insight.
Cloud and Data transformation faster speed to market, agility, ability to scale up and down with varying demands, and faster adaptation to customer and market demands.It has provided an opportunity for the banking sector to access unlimited amount of customer financial data from anywhere, and interpret this Data to identify newer opportunities and harness it to harness the full potential.

What are Set of Bricks in the Digital Transformation journey for Banks &FinTech’s?

1. Cloud

The key to successful digital banking transformation includes embracing the cloud. While there have been reservations in the past around cloud security and regulation, cloud computing solutions are becoming prevalent in the marketplace for both traditional and non-traditional financial institutions.

2. Big Data& Data Analytics

Big Data is the term that describes the large volume of data- both structured and unstructured- that inundates a business on a day-to-day basis. Data analytics helps individuals and organizations make sense of data. The Big Data can be analyzed for insights that lead to better decisions and strategic business moves, improve customer experience, and monetized to upsell new product offerings.

3. Encryption

Encryption is a process in which plain text data is converted into an unreadable text called the ciphertext and decryption is the process of transforming data that has been rendered unreadable(ciphertext) back to its normal form

4. Tokenization

Tokenization is the process of digitizing a single physical payment card into several independent digital payment means through tokens

5. Open banking

Open banking is the practice of enabling secure interoperability in the banking industry by allowing third-party payment service and other financial service providers to access banking transactions and other data from banks and financial institutions.

6. AI (Artificial Intelligence)

AI is creating intelligent machines using computer science ideology. It emphasizes on giving machines access to objects, categories, properties and relations between all of them to implement knowledge engineering, in order to make the machine work and act like human beings in every aspect. Apple’s Siri can be taken as an example of AI

7. Blockchain

Blockchain is a technology that uses distributed databases and cryptography to record transactions in an ever-growing system of interlinked records or ‘blocks’ all synced with identical information. A blockchain functions as an open, decentralized ledger that effectively keeps track of transactions between two parties in a permanent and verifiable way.

8. IoT (Internet of Things)

The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.

9. Robotic process automation (RPA)

Robotic process automation (RPA) refers to software that can be easily programmed to do basic tasks across applications just as human workers do. The software robot can be taught a workflow with multiple steps and applications, such as taking received forms, sending a receipt message, checking the form for completeness, filing the form in a folder and updating a spreadsheet with the name of the form, the date filed, and so on. RPA software is designed to reduce the burden of repetitive, simple tasks on employees.

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