The Indian regulator Reserve Bank of India (RBI) has recently agreed to provide licences to a number of new Banks in India with a caveat of serving the under banked population. 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 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 ...
This blog offers a ride into cloud computing and business.