Cloud Services and Solutions for Banking & Finance Industry

Cloud Services and Solutions for Banking & Finance Industry cover image

What is Cloud Banking?

Cloud banking is one of the most preferred and rising deployment and delivery models, which enables financial institutions such as Banks, Fintech, credit unions, neo-banking, Insure-tech, and other financial institutions to manage their platforms and applications with the help of cloud technology.

Cloud services for banking and financial institutions help with consulting, migration, and management, supplementary services for the business infrastructure, and networks required by the efficient function of the team.

The highlight of cloud adoption in the banking sector is none other than the focus on important business decisions, providing customers with exceptional service and a remarkable banking experience. 

Future of Cloud Banking 

  • It is estimated that some aspects of cloud solutions for the banking and financial sector are set to grow at a CAGR of 33.1%R for the forecast period of 2021-2016.  
  • According to a recent survey, 83% of financial services companies already use cloud infrastructure in some capacity, and 38% choose hybrid cloud with single and multi-cloud solutions closely following.
  • 70% of leading banks expect their cloud spending to increase in 2022-2026 to meet customers’ requirements.

Such statistics clearly indicate how banking and financial solutions are turning to cloud technology for their storage, access, and analytics to meet  industry requirements. Additionally, the cloud made venturing into blockchain technology seamless, providing high security for informative and transactional-related data, which resulted in increased demand for the following services,

  • Identity and Access Management Software.
  • Email Security Software.
  • Intrusion Detection and Prevention System.
  • Encryption Software.
  • Network Security Software 

Advantages of Financial Applications 

Business Advantages  

  • Increased operational efficiency in processes 
  • A secured and data-protected application that meets business objectives 
  • Improved customer services and products. 
  • Flexible system to adopt new business with options for contracts.  
  • More analytics and AI/ML-based CX. 
  • Improved Time to Market by achieving speed and agility. 

Technical advantages 

  • Auto-Scaling– Only pay for what you use and scale the infrastructure as per need. 
  • Convenience and options for management: Readymade packages from OEM environments and the tech stack for quick development inclusive of DevOps. 
  • Agility and Flexibility– Agile development and flexible services.
  • Availability and Performance- The cloud is known to have one of the highest availability rates compared to the competition.
  • Cost savings on Hardware, Software licenses, and DataYou are spoiled with options for customization with the cloud. 
  • Disaster Recovery and Data BackupForget data and service outages; we can ensure the industry’s best backup and recovery plans.
  • Security- Enjoy the abundance of proven and capable partners and native security from cloud technology. 
  • Compliances- OEM clouds are natively compliant with critical data protection laws. 
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Our 6 Steps of Successful Cloud Adoption and Associated Costs and Time

  1. Discovery & Strategy: Rapyder assesses the cloud requirement and shares a migration strategy. 
  2. Proof of Concept: We do a pilot migration for you to understand the outcomes. 
  3. Data Migration– Whole secured data to be migrated to the cloud.
  4. Application Migration– Banking and financial Applications are migrated to the cloud.
  5. Cloud Transition– Completion and finalization of cloud adoption by the financial institution. 
  6. Run & Optimize: We run and monitor the infrastructure for you and give suggestions on 360-degree optimization to further benefit from various aspects.

Supplement Services for Banking and Other Financial Services

Rapyder helps you facilitate all such modern facilities, including extended cloud security services,  

  • Omni-Channel Marketing and Messaging 
  • Cloud Artificial Intelligence and Machine Learning for Banking & FinTech 
  • Big Data  
  • Data Lakes and Warehouses  
  • Data Analytics and Business Intelligence
  • Internet of Things ( IoT ) 
  • Application Modernization 
  • Banking Database Modernization 
  • RPA (Robotic Process Automation) 
  • Blockchain and more as the need arise. 

Most Common Services Adopted by BFSI & NBFC Sector

Most financial institutions we have worked with have chosen the following services to cater to their needs. 

For a greenfield account, start with our free consultation service. On understanding the objective of the business and assorted details, our team can present a well-suited cloud strategy within 24-72 hours, depending on the requirements. We have observed that many of our fintech customers focus on DevOps strategies and App and database modernization to match the go-to-market and customer satisfaction KPIs. All factors considered, our clients typically see a 10 – 30% saving. 

Why Choose Rapyder for Full Stack Cloud Adoption in BFSI & NBFC?

Here at Rapyder, we help clients acquire the best cloud strategy for their banking and financial business core applications from our numerous years of expertise. We help you to create a trackable roadmap and develop a solution that best fits your business needs. Whether you need cloud readiness assessment or infrastructure setup, architecture redesign, migration, and maintenance, we are here to help you along every step. 

However, you will also need a partner to bring the best of the cloud. As the fintech/ banking business grows, the need for more visibility and data-driven decisions becomes crucial and a lifeline for progress.   

We are a pool of 100+ experts with extensive experience with banking applications and the fintech domain directly partnered with Amazon AWS, Microsoft, and other OEMs. 

24*7 Customer Support

Our NPS 9+ rated 24*7*365 dedicated cloud services are always available to you as a managed services customer. We have structured our team so you can focus on business continuity with negligible service interruptions possible. 

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