In a world where more and more of our lives are lived online, it’s no surprise that banking is moving in the same direction. Cloud banking is a term used to describe the shift of traditional banking services to the internet. This can include everything from online bill pay to transferring money to using a mobile app to check your account balance. One of the biggest advantages of cloud banking is that it’s convenient. You can do your banking anywhere, at any time. That means no more waiting in line at the bank or making a special trip to the ATM. And if you ever need help, most banks offer 24/7 customer support through their website or mobile app. Another advantage of cloud banking is that it’s often more secure than traditional banking. When your information is stored on a secure server, it’s less likely to be lost or stolen.
Oracle is focusing on the Banking, Financial Services and Insurance sectors to drive growth. Oracle operates a local cloud in India to meet regulatory needs and clearly expects that to help it penetrate regulated markets. Oracle already claims Axis Bank, ICICI Bank, Federal Bank, Kotak Mahindra Bank, and SBI Card as clients. This article reads a little too much like an advertisement and never mentions that Amazon, Google, and Microsoft also have regional solutions for India and also expect significant growth from India’s migration to the cloud:
“The Indian economy has undergone fundamental changes as we transition to a data-led system and technology is playing a key role in this transformation. The Indian Software as a Service (SaaS) market is expanding fast as a part of this journey. It is anticipated that the SaaS market will grow at a CAGR of 27% over 2022-2027 to attain $15 billion in size by 2026.
Banking on large-scale growth of the SaaS market in India is cloud major Oracle, especially given government initiatives like ‘Digital India’ and ‘PM Gati Shakti’. Oracle’s growth strategy for FY23 has it betting big on the public sector. It is putting together a public sector team which will work across SaaS pillars to enable hyper-growth in India. “We are looking at hiring senior sales leaders and solution architects to support our strategy, as we anticipate high demand,” said Deepa Param Singhal, vice president, Applications, Oracle India.”
Key corporate banking services are also moving to the cloud. Mercator Advisory Group has written a viewpoint on cloud banking for B2B payments.
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group