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Cloud Computing in Banks

Updated On : November 2016  |  by  Sandeep Shrivastava (Senior Manager - Pre Sales)

In last decade, Banks have observed transformation of banking experience end customers led by Information Technology (IT) enabled solution and services such as Core Banking, Internet Banking, Mobile Banking, Wallet, Cards and Kiosk Banking. Both banks and their customers are benefitted by the evolution of IT in Banking sector. The business models of Banks are now oriented around achieving customer delight through IT enabled solutions and services.

A big slice of Banks' annual budget is now being allocated to their IT department. To meet the demand of regulatory and customer satisfaction banks need to spend more on procuring and maintaining IT Solutions, IT hardware, system software and Networking. Banks with lesser financial background find difficulties to meet the desire level of IT Implementation due to higher capital expenditures.

Cloud computing can help banks to lower the capital investment in IT infrastructure. Cloud computing converts big capital expense into smaller operational expenses. Worldwide not only smaller banks but larger banks too are now perceiving vision to adopt cloud based IT solutions to control the expenses on IT infrastructure.

Cloud technology enables banks to adopt a new model at lower cost for delivering innovative channels, reduced TAT to market new offering, meeting customer expectation and comply regulatory guidelines. Cloud based solutions deliver a higher value proposition of IT solutions and services in rapidly changing technical paradigms.

In cloud computing, system admin can remotely assemble, install, configure and deploy virtual resources to run the business solution. Moreover, cloud IT infrastructure can be expanded or reduced at any time based on the expected utilization and requirement without any astonishing financial burden.

Cloud computing will help Banks to meet the following business challenges:

Pricey IT
Infrastructure

Cloud computing converts Capital Cost into Periodical Operational Cost thus regulate cash outflow

Cost of Regulatory Compliance

Bank can afford the required solutions at lower cost in "Software as a Service" model to comply the regulatory requirements

Capital
Inadequacy

Cutting down capital investment on IT infrastructure will reduce the capital inadequacy of the Bank

Market Competition / Business Growth

Bank can save 3Ms (Man, Minutes and Money) by implementing cloud computing and utilize these in new business opportunities

Risk
Mitigations

Banks on cloud computing are better prepared to economic uncertainties, environmental changes and shift of customer expectations



In India, the newly licenses Small Finance Banks and Payment Banks are proactively embracing cloud computing for their core and surround banking solutions. It is not only helping them to reduce the capital expenses to start the business but also aiding flexibility to scale the infrastructure in future based on the growth of the business.

Nelito is offering its core banking, financial inclusion, KYC and other surround solution on cloud. Cooperative Banks, UCBs, PACS, Credit Societies and NBFC can use these cloud based solution and reap the benefit of cloud computing.

Nelito provides the complete spectrum of services with regards to cloud, our services comprise of consulting, architecture setup, designing, implementation, and monitoring.

We empower businesses by accelerating innovation, and providing business agility while optimizing costs. Comprehending the constant need to experiment and innovate.

We offer development across Software-as- a-Service (SaaS) for enabling customer to leverage the benefits of Cloud.

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CLIENT SPEAK

  • The Meticulousness of efforts to ensure customer delight by each of the team member during the course of the project is appreciable. - Data Archival Project

    R. Ganesh (Senior Manager)

    Indian Overseas Bank
  • Overall we are happy with the services provided by Nelito. The implementation team is sensitive to our support requirements and does a good job.

    Vinayak Khadye (Chief Digital Officer)

    Finanzmart Services Pvt Ltd
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    N Sampath Kumar (Branch Manager)

    Corporation Bank
  • We have successfully made Nelito's Fincraft Software for NBFC live in early March for LOS,LMS and Sanjiv Khalkho, Arijit Chakraborty with his team have been very instrumental in making this software live . I would like to appreciate on the turnaround time during the go live phase of the team in getting some of our key requirements done and helping our users to use the software for recording and disbursing all the sales from the software.

    In technology side I would like to praise Pramod Navale and Ganesh Khetmalis for in depth knowledge of the product and their technical skills is outstanding. Looking forward for the continued relationship for our next release and whole of 2018.

    Prateek P Katyal (CTO)

    WheelsEMI Pvt. Ltd
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    Ananda Padebettu (IT Manager)

    The Nav Jeevan Co-op Bank Ltd.
  • "For a Bank of our size, this system suffices and is very cost effective. Almost all of the bank’s activities run on the one system. Nelito constitutes a partner more than a supplier and the relationship includes provision of the bank’s underlying technology as well as its Fincraft range of applications."

    Chairman

    The Nainital Bank Ltd.
  • "The best mix of functionality and technological support and our vision of “Cash Less and Paper Less” work environment for Sonata has come true with our technological partner Nelito. I highly recommend FinCraft Core Microfinance platform and especially integrations with a number of third party services."

    IT Head

    Sonata Finance Pvt. Ltd.
  • CBS

    "We are happy to use FinCraft Data Archival & Retrieval solution from Nelito Systems; it has given huge ROI in terms of saving revenue by retiring legacy applications. We get all desired reports in a timely manner from the solution."

    Assistant General Manager (CBS)

    United Bank of India
  • Custom Application Development testimonial

    "Proactive & professionally supportive, technically skilled team."

    General Manager

    Federal Bank
  • DGM

    "My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."

    Sikander Gupta | CEO

    The Jammu Central Co-op Bank Ltd.
  • DGM

    "Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."

    Rachelle F. Rivas | IT Project Manager (Senior Manager)

    Bank of the Philippine Islands (BPI)
  • DGM

    "As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."

    Dinesh Negi | VP (Clg)

    DCB Bank Ltd
  • DGM

    "Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."

    Frithjof Ramb | Vice President

    SBI- Frankfurt, Germany
  • DGM

    Support services provided for Swift is really up to the mark and meets all clients requirement. Kindly keep this ongoing.

    Rudolph Banis | Head - IT CBS and Application Management

    IndusInd Bank
  • DGM

    Excellent

    Navin A Bijur | Manager - IBD

    The Shamrao Vittal Coop Bank Ltd