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Cloud and Data Centers Are The Backbone Of The Banking Sector

Cloud storage and data centers have supported the banking sector during the digitization and technology shifts in India. Experts analyse at the BW Businessworld BFSI CXO summit

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Data centers and Cloud storage facilities have provided the ease in understanding the technology shifts in many sectors especially in the banking industry. With the evolution of various products in the market, cloud has gained an importance over a short span in the country. Rajesh Krishnan, Enterprise Sales, Nuantix explained the importance of cloud in detail. 

He said, "Cloud and Data center has become the backbone of the banking sector during the digitization movement in India. There has been a gap between cloud storage and data centers and to bridge the gap we at Nuantix formed the company to let users focus on applications rather than understanding the complications of cloud storage." 

Malhar Anaokar, Technology Evangelist, Red Hat defined cloud strategy, "In traditional banking sectors there were different functions. Now there's fragmentation in data centres and increased costs in developing data storage. Hence cloud helps in rationalizing costs and standardization by maintaining the data storage cycle. We focus on automation as well where we have to eliminate manual functionality in cloud storage which increases efficiency. The whole point of cloud is to make users as flexible as possible and to provide insights on customization as well." 

Jayaraj Sabarad, Senior Solution Specialist, EDB also provided views by describing cloud to be one of the most effective and necessary tools during the technology shift. Cloud storage is diversified as hybrid and public cloud centers and the importance of customer data has become very important especially in the banking sector and needs more attention in adapting to the new trends where millions of rupees of transactions take place daily. 

Sankarson Banerjee, Chief Technical Officer, National Stock Exchange described that less components are required to run the cloud operating systems. He said, "We are able to run our systems because of lack of components in technology. There are a lot of changes required in our procedures. Changes like: Automation, virtualization and self healing applications are required to adapt to cloud storage. We want to get over the complexity of technological components and that is a much bigger challenge ahead of us."

Ashutosh Sarkar, Senior Sales Director - India & South Asia, EnterpriseDB mentions 3 types of users understanding the technology trends. He further says, "There are 3 types of users who are involved in the trends and changes in technology. There are some who moved their workloads to cloud, some who are planning to move and the rest who have not moved to cloud at all. In every IT institution, evolution has started driving a fundamental change where they have been enabling users to be cloud ready. Hence we need to understand the strategic output to be provided to move on cloud along with our partners. That is how we can be cloud ready."

"In public sector we often think of outsourcing technologies to various IT hubs in order to implement the work digitally. There are some constraints in moving to cloud which require users to understand what cloud is all about and the advantages of using the platform. Hence this is the kind of technology where we would shift to very cautiously and we would also need to understand the security it provides on public domains." Says Burra Butchi Babu, Adviser-IT, Bank of India. 

Ashok Singh, Infrastructure Cloud Architect, Kotak Mahindra Bank shred some different views related to cloud storage. He shared some brief points that need to be paid attention to in order to understand data centers and cloud storage technologies. He said, 

"Cloud is generally in hybrid and public domains. Businesses lack private cloud domains and businesses always worry about challenges related to cloud technologies. The challenges like costs in order to maintain them are very high and the security is not always better on cloud. Virtualization is already taken care of but adapting to cloud will take some time especially when the technology is not always cheap." 

The panel discussion commenced with the speakers shedding insights on the upcoming data centers, the Indian industries would adapt to by defining cloud as a technology that has less workload, has more convenience and the move to data center is dependent on the workload that is yet to come in the near future.