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New Banks in India need Cloud Computing

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. 


  1. 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).
  2. They will operate in an Opex model, which means capital will not be locked into traditional technology capex investments. 
  3. Agility  in their business will make launch of new and innovative products a breeze.
  4. The under banked population can be easily reached from any device that can connect to the banks cloud Infrastructure. 
  5. The significant savings in technology operation costs will be of immense benefit to the bank. 
  6. They can focus on Banking rather then tackling information technology constraints and challenges. 
  7. The regulator will support this initiative because this is not the first cloud computing banking solution in India. 
In a few months time we can spot the technology winners in these new banks and I am sure that the banks that adopt cloud computing will be at the top of the list. 


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Location: Mumbai, Maharashtra, India

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