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Perspectives on Cloud Adoption in BFSI

Aparna Jiddu

Platform Architect, Banking, Financial Services, and Insurance, TCS

Sripada Sarma

Solution Architect, Banking, Financial Services, and Insurance, TCS

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Moving to a cloud-first paradigm to drive business excellence and innovation 

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

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