Banking, Financial Services and Insurance (BFSI)
Seamless Transaction With Technology Integration
The Banking, Financial Services and Insurance (BFSI) industry plays a key role in the financial wellbeing and progress of not only individuals and businesses, but also of nations as a whole.
BFSI is one of the most rapidly-growing industries with the assets of the world’s 1,000 largest financial institutions currently worth over USD 100 trillion.
Stringent regulatory requirements, increasing threat of cybercrime and data theft, changing business dynamics and rising customer expectations characterize the highly-competitive BFSI sector.
With extensive expertise and years of experience in the BFSI domain, Veritis supports global clients by developing tailored IT solutions that effectively address all their challenges and provide them with a competitive edge.
Cloud computing helps banking and financial institutions by addressing common concerns such as interoperability, secure storage, confidentiality and 24*7 uptime, and provides a number of advantages including cost savings, business agility and continuity, usage-based billing and green IT.By adopting cloud computing organizations in the BFSI sector can avoid the huge capital expenditure involved in establishing IT infrastructure and focus on the core banking functions. Cloud infrastructure not only ensures secure data, but also provides greater speed, flexibility and reliability.
The pay-as-you-use billing model makes it convenient for banks and other financial services providers to manage the fluctuations in demand for applications without having to invest in expensive in-house computing.
Cloud computing facilitates server availability even during maintenance and guarantees an uptime of over 99.999%. It also ensures that payments and funds transfer are processed securely without any glitches from one end to another.
Using a private cloud for storing sensitive information and cloud encryption are two common methods employed by BFSI organizations for risk management and compliance with data protection laws.
Usage of the virtual environment for cloud services not only reduces the energy consumption and carbon footprint of organizations, but also contributes to more efficient utilization of the available computing power and lesser idle time.
DevOps has been more actively adopted in the banking sector in comparison to other industries. The large number of business-critical customer-facing applications and the need for minimal downtime make it essential for the banking industry to adopt DevOps practices.DevOps solutions ensure the standardization, traceability and transparency of application development processes, operations and business transactions. Additionally, they support centralized control, management and reporting of operations.
Banking and financial services applications need to be secure, robust and reliable with high quality and hence achieving production stability is critical. This has also led to the increasing adoption of DevOps in the BFSI sector.
DevOps ensures more frequent and secure software releases and greatly increases the productivity of banking organizations. Automation, a key tenet of DevOps, helps in speeding up the release cycles in addition to capturing all the necessary audit and control information.
The enterprise and application architectures of banking institutions make it easier for them to adopt DevOps and continuous delivery by breaking up their monolithic applications into microservices that can be independently developed, tested and deployed.
The increasing complexity of the enterprise network and consequently the fast-rising number of servers required and the growing operational and maintenance costs across the BFSI organizations have led to the growth of the virtualization services market in the BFSI sector. Virtualization provides an agile and low-cost data integration approach for addressing the complex business requirements of banking organizations and delivers several significant business benefits.
These include reducing costs by avoiding long data integration development cycles and excessive data replication, managing risk by providing institution-wide visibility across positions and activities, and ensuring compliance with data requirements.
Virtualization reduces the dependency on the physical servers and eliminates the problems such as failure of applications due to server inactivity, application disruption during upgradation and other issues that are associated with physical server management.
Improved productivity, increased revenues, accelerated time to market and efficient disaster recovery are other significant advantages of virtualization in the banking sector.
Many organizations have reported an application performance improvement of over 80 percent, and reduction in the time to provision and time to recovery by 80-95 percent by adopting virtualization services. On similar lines, power and hardware savings of almost 70 percent have been realized.
IT Infrastructure services help banking and financial institutions in reducing the total cost of ownership, improving infrastructure performance and achieving the flexibility for meeting the evolving business requirements. Infrastructure services extend across the plan, build, run and monitor lifecycle and include among others enterprise networking, security, infra consulting and operations management. They help banking organizations in simplifying their IT architecture, improving operational efficiency and integrating modern technology.
Datacenters are the most critical part of the IT infrastructure of banks and financial institutions and efficient management and monitoring through datacenter optimization, modernization and managed services is a key requirement.
Infrastructure management services empower productivity, strengthen security, optimize costs and support financial inclusion with cost-effective acquisition, deployment and management models.
Veritis Solutions for the BFSI Sector
We provide end-to-end support for complex banking software applications and mission-critical infrastructure, and enable digital transformation using innovative delivery models with security as the primary focus.
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