The promoters of these Banks will be scurrying with their consultants to hire CIO/CTO from other Banks to get off their Core Banking Systems off the ground before they can launch their banks.
It will be good for them to pause for a moment and consider Cloud Computing as a vehicle for their technology launch and here are some of the benefits
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| Cloud Computing will be the dawn of a new technology paradigm for Indian Banks. |
- Time to Market will be in weeks rather then months so they can start their operations ASAP, especially if they adopt a SAAS based Banking solution. (e.g. the cloud based core banking solution offered by NABARD through Wipro and TCS).
- They will operate in an Opex model, which means capital will not be locked into traditional technology capex investments.
- Agility in their business will make launch of new and innovative products a breeze.
- The under banked population can be easily reached from any device that can connect to the banks cloud Infrastructure.
- The significant savings in technology operation costs will be of immense benefit to the bank.
- They can focus on Banking rather then tackling information technology constraints and challenges.
- The regulator will support this initiative because this is not the first cloud computing banking solution in India.
In a few months time we can spot the technology winners in these new banks and I am sure that the banks that adopt cloud computing will be at the top of the list.
