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Banking / WHITE PAPER
Aparna Jiddu
Platform Architect, Banking, Financial Services, and Insurance, TCS
Sripada Sarma
Solution Architect, Banking, Financial Services, and Insurance, TCS
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Cloud migration is an integral part of the digital transformation journey of banking, financial services, and insurance (BFSI) firms. Many BFSI firms are adopting cloud-first strategies to realize the benefits of business excellence, innovation, speed-to-market, and operational and infrastructure savings. BFSI organizations tend to initiate the cloud migration journey by adopting infrastructure-as-a-service (IaaS) models and evolve to embracing platform-as-a-service (PaaS) and software-as-a-service (SaaS) models as cloud solutions and products mature. Successful migration will, however, depend on choosing the right cloud deployment models as well as cloud service models. BFSI firms must consider some crucial factors while choosing the cloud migration model:
Business value and technology
Functional uniqueness and product maturity
Privacy, security, and regulatory requirements
Costs, scalability, and performance
Fast-tracking mortgage originations through a ecosystem model
Climate data collection framework for effective risk management
GenAI is the future of banking
A strategy for GenAI adoption in BFSI firms