Spreading Prosperity Through Cloud Computing

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

sourya

Sourya Biswas is a former risk analyst who has worked with several financial organizations of international repute, besides being a freelance journalist with several articles published online. After 6 years of work, he has decided to pursue further studies at the University of Notre Dame, where he has completed his MBA. He holds a Bachelors in Engineering from the Indian Institute of Information Technology. He is also a member of high-IQ organizations Mensa and Triple Nine Society and has been a prolific writer to CloudTweaks over the years... http://www.cloudtweaks.com/author/sourya/

2 Responses to Spreading Prosperity Through Cloud Computing

  1. According to a new Microsoft study, Indian SMEs are gaining significant IT security benefits from using the cloud. As India Internet ecosystem emerges users spending on cloud technologies will also evolve and enterprises will start building out their IT infrastructure in the cloud. IBM India sees (http://tinyurl.com/7h7po9t) public cloud market in India expected to exceed $2,500 million by 2015.

  2. According to a new Microsoft study, Indian SMEs are gaining significant IT security benefits from using the cloud. As India Internet ecosystem emerges users spending on cloud technologies will also evolve and enterprises will start building out their IT infrastructure in the cloud. IBM India sees (http://tinyurl.com/7h7po9t) public cloud market in India expected to exceed $2,500 million by 2015.

Comics

At CloudTweaks, we're plugged into the cloud, the internet of things and all that the web has to offer. From wearable technology, to mobile computing, cloud computing and big data, CloudTweaks is your source for updates and news on the most innovative technology.

Popular

Top Viral Impact

Cloud Infographic – Monetizing Internet Of Things

Cloud Infographic – Monetizing Internet Of Things

Cloud Infographic – Monetizing Internet Of Things There are many interesting ways in which companies are looking to connect devices to the cloud. From the vehicles to kitchen appliances the internet of things is already a $1.9 trillion dollar market based on research estimates from IDC. Included is a fascinating infographic provided by AriaSystems which shows us some…

Five Signs The Internet of Things Is About To Explode

Five Signs The Internet of Things Is About To Explode

The Internet of Things Is About To Explode By 2020, Gartner estimates that the Internet of Things (IoT) will generate incremental revenue exceeding $300 billion worldwide. It’s an astoundingly large figure given that the sector barely existed three years ago. We are now rapidly evolving toward a world in which just about everything will become…

Cloud Infographic – The Power Of Cloud Disaster Recovery

Cloud Infographic – The Power Of Cloud Disaster Recovery

Cloud Infographic – The Power Of Cloud Disaster Recovery Preventing a Cloud Disaster is one thing. Recovering from a disaster is a whole other area of concern. Today’s infographic provided by CloudVelox outlines some best practices and safeguards in order to help your business make more informed decisions. About Latest Posts souryaSourya Biswas is a…

Cloud Infographic – The Internet Of Things In 2020

Cloud Infographic – The Internet Of Things In 2020

Cloud Infographic –  The Internet Of Things In 2020 The growing interest in the Internet of Things is amongst us and there is much discussion. Attached is an archived but still relevant infographic by Intel which has produced a memorizing snapshot at how the number of connected devices have exploded since the birth of the…

Featured Sponsors

Salesforce Service Cloud: Air Traffic Control For Your Customer

Salesforce Service Cloud: Air Traffic Control For Your Customer

Salesforce Service Cloud One of the greatest benefits of the increasingly reliable and ubiquitous state of cloud technology is the removal of business silos and the consolidation of information flow, both in-house and on the road. This is of particular importance to the many different types of professionals whose work involves customer relationship management (CRM).…

Moving From Email Into The Cloud

Moving From Email Into The Cloud

Mobile Collaboration In The Cloud Imagine that you, as a manager, are told by the powers that be that you have to find “efficiencies” within your department that will result in one million dollars of savings annually. You struggle with this. You send an email to everyone on your senior team. “Where can we save…

Sponsors

Cloud ERP Starter’s Guide: When QuickBooks Is Not Enough

Cloud ERP Starter’s Guide: When QuickBooks Is Not Enough

Cloud ERP Starter’s Guide: When QuickBooks Is Not Enough You’ve been running your small business on QuickBooks, or a product like it, to automate your accounting function and produce basic financial reports. So, what’s wrong? Things just don’t seem to be working well. It takes too long to get a “picture” of how your business…

Placement Opportunities - Find Out!

Established in 2009, CloudTweaks is recognized as one of the leading influencers in cloud computing, big data and internet of things (IoT) information. Our goal is to continue to build our growing information portal, by providing the best in-depth articles, interviews, event listings, whitepapers, infographics and much more.

You can help continue to support our community by social sharing, sponsoring, partnering or contributing to this great educational resource.

Contact

CloudTweaks Media
Phone: 1 (212) 763-0021

Join Our Newsletter