Scaling Digital Transformation and Benefits of Core on Cloud

Event Overview

Exploring Transformation and Advantages for Banks Through Cloud-native Core Banking

Banks are on a mission to increase their implementation of cloud technology within the coming years. However, there are a number of financial services companies that are still hesitant in their cloud journeys. The barriers to adoption vary, from the complexity of legacy systems, to trust and skills gaps, regulatory uncertainty, and fragmentation of compliance requirements. Nonetheless, forward-thinking establishments are creating new standards – showcasing a 30% Cost-to-income ratio by emerging banks, 40% application software already on the cloud in 2022, as suggested by Gartner, and an impressive addition of 918 million transactions per month within a 3.5-year period of initiating open payments.

So, what’s the roadblock? And how can banks leverage the potential benefits of cloud banking—such as cost reductions, superior products, enhanced customer experiences, and sophisticated data handling?

The Key to Digital Transformation is Cloud Adoption. Here’s why:

The digital age has revolutionized the way customers interact with banks. Two decades ago, more than half of banking operations took place within physical branches; today, over 90% of all transactions are carried out via digital self-service channels. The convenience of accessing banking services anytime, anywhere has led to an exponential increase in bank transactions.

Special shopping days like Black Friday, Cyber Monday, Big Billion Day, and Singles’ Day create sudden surges in transactions, adding stress to already strained banking systems. As the volume of transactions rises, maintaining the necessary infrastructure to cope with peak loads becomes unmanageable for banks. Fortunately, cloud technology offers a flexible infrastructure that can effortlessly scale up or down based on demand.

The Power of Cloud-enabled Core Banking

The moment is ripe for banks to exploit the numerous benefits offered by deploying core banking solutions in the cloud. In this gathering, we’ll discuss the risks and rewards involved.

In This Exclusive Infosys Finacle Roundtable Discussion, We’ll Tackle Key Points Such As:

• The recent surge in confidence toward cloud strategies
• The essence of cloud-based core banking, its use cases, and the rationale behind the shift to cloud-native core banking, and the migration to a cloud-enabled core
• Discussion on strategies for banks to transition to a cloud-based core
• Security and regulation – Data security remains the main concern preventing banks from embracing more ambitious cloud strategies
• The impact on customer experience

Agenda

• Morning coffee, welcome arrivals 15 min 8.45AM
• Introduction to session and presentation 30 min 9:00AM Presented by Puneet Chhahira, Head of Product Management and Marketing at Infosys Finacle
• Coffee Break Networking 10 Minutes 9:30AM
• Recap Summary and 5-6 key questions to the table: 60 Min 10:00AM
• (breakout into 2 groups 10)
• End Session Brunch snacks and coffee, optional networking 20 Minutes 11:00AM

Open Discussion:

• Recent surge in confidence toward cloud strategies and its influence on bank’s decision-making process regarding cloud-native core banking
• Discussing use cases, realisation of benefits of cloud-based core banking, such as cost reductions or improved product offerings
• Strategies for managing complexity of legacy systems during the transition to cloud-native core banking
• Addressing the trust and skills gaps in adopting cloud technology for core banking operations
• Key steps to ensure a smooth transition to cloud-native core banking without compromising data security or regulatory compliance
• Impact of cloud enables core banking migration on bank’s ability to handle and analyse sophisticated data and its influence on your risk management practices
• Challenges and roadblocks to overcome in transitioning to a cloud-based core
• Specific measures to implement to enhance the customer experience through cloud-native core banking and outcomes or improvements in customer satisfaction and engagement levels