Dealing with sensitive customer data, immense technical debt, stringent regulatory requirements and risk outlook have traditionally been impediments in cloud adoption by Financial Services Industries (FSI). Throughout the 2010s, there had been advancements and crystallisation of FinTech stemming from factors such as the US Subprime crisis of 2008 and the resultant entry of small and medium digital and neobank players, growth of mobility, payment wallets, big data and Software-as-a Service (SaaS). Besides SaaS usage especially in Customer Relationship Management (CRM) and Collaboration functions, the mid to late 2010s also saw a steady rise in adoption of Platform-as-a-Service (PaaS), Infrastructure-as-Service (IaaS) along with leveraging of Artificial Intelligence/ Machine Learning (AI/ ML), AI powered chatbots, Robotic Process Automation (RPA), Internet of things (IoT), and Blockchain, and many of these technologies were also powered by the Cloud.
The period around the pandemic saw a thrust of the FSI players to make use of the evolving maturity of cloud infrastructure while they transferred more and more of business centric workloads onto the cloud besides using cloud for…
