Spreading Prosperity Through Cloud Computing
In the wake of the recession, bankers have got a lot of flak by betting on dodgy investments while still managing to make million-dollar bonuses. However, there’s no denying that banking, especially of the retail variety, is a necessary ingredient of society. In poorer areas of the world where retail banking services are absent, cooperative banks have sprung up to meet this need. And cloud computing is having an impact there.
Wikipedia defines cooperative banks as follows – “Like credit unions, cooperative banks are owned by their customers and follow the cooperative principle of one person, one vote. Unlike credit unions, however, cooperative banks are often regulated under both banking and cooperative legislation. They provide services such as savings and loans to non-members as well as to members, and some also participate in the wholesale markets for bonds, money and even equities.”
Many of these cooperative banks, especially in India, are small entities that have considerably lesser assets and smaller budgets than the likes of Crédit Agricole (France) and Rabobank (The Netherlands). And this where the cost-effectiveness of cloud computing solutions comes into play. One of my earliest articles of CloudTweaks explored this concept of cloud computing allowing smaller organizations to get the same value as enterprise IT but at a much lower price (See: Fighting Above Your Weight Class Through Cloud Computing), subsequently reinforced in later articles (See: How Can Cloud Computing Help In Education? and Which Type of Businesses Benefit Most from Cloud Computing?).
Indian IT giant has recognized the presence of this market and started acting on this realization by offering Finacle, its banking solution, on the cloud in a fee-based model. “We are working with some cooperative banks on this and area also looking at the African market for this product,” said Haragopal Mangipudi, Senior VP and Global Head of Finacle at Infosys.
According to the company website, “Finacle solutions address the core banking, wealth management, CRM, Islamic banking and treasury requirements of retail, corporate and universal banks worldwide. Finacle solutions also empower banks with multiple sales, service and marketing channels including e-banking, mobile banking and call centers. These offerings make Finacle a strong innovation-facilitator enabling banks to accelerate growth, while maximizing value from their large scale business transformation. Finacle is the chosen solution in over 154 banks across 75 countries.”
As readers of CloudTweaks will know, Infosys is no stranger to cloud computing, having inked a pact with Microsoft last year to promote its use globally (See: Infosys and Microsoft Facilitate Global Adoption of Cloud ). And Microsoft, as CEO Steve Ballmer had made clear through words (See: How India Stands to Gain from Cloud Computing) and action (See: Microsoft’s Biggest Client, or Just a PR Stunt? – Part II), has big plans for India.
By making Finacle a cloud offering, Infosys has done a great job in enabling a wider population to enjoy the benefits of cloud computing. Everything said, it seems to be a win-win situation – for Infosys, cooperative banks and their customers.
By Sourya Biswas