Cloud Computing for Financial Institutions: An Analysis by Virender Jeet , Senior VP -Technology, Newgen Software

SINGAPORE, Jan. 7, 2015 /PRNewswire/ — Redefining the role of IT influencers within an enterprise, Cloud deployment has created new avenues for cost effective software delivery and development. As Cloud Computing gains momentum, there is much traction in the how it is altering the paradigm of ECM and BPM deployment and usage.

On this note, Virender Jeet, Senior Vice President- Technology, Newgen Software analyzes the scope of Cloud Computing technology with respect to financial organizations.

Recently, cloud-based services have started receiving increased traction from financial services firms globally. Market trends indicate that the demand for cloud computing in the financial sector will continue to grow exponentially in the next few years. Outlined below, are the potential business drivers for cloud adoption in the financial sector.

Business Drivers: 

– Faster Time to Market- In an overtly competitive financial services sector cloud provides a firm the agility and flexibility to quickly respond to changing market demands and tap business opportunities at an early stage.

– Dynamic Computing Environment- Cloud enables businesses to provision technology resources based on requirement and usage, thereby allowing them to scale their operations in sync with their business growth.

– Ecosystem Synergies  Cloud facilitates enhanced ecosystem connectivity, allowing business users, partners, and customers to access business applications round-the-clock, using multiple devices, and seamlessly share resources with each other.

– Rapid Deployment  By choosing cloud a business can avoid the long hardware/software procurement cycle, and start reaping the benefits of deploying a mission-critical business application instantly.

Masked complexity  Masking the complexity of the system, cloud allows a business to enhance product or service sophistication, without impacting user experience.

Easy Maintenance & Upgrades – By adopting cloud a business no more needs to worry about software upgrades, disaster recovery, and backup, while leveraging the benefits of latest technological innovations.

Cost Advantage – Cloud allows businesses to move from huge capital expenditure to a new paradigm based on transactional, fee-based services.

As financial services organizations move all or part of their IT infrastructure to the cloud, they must take into account some crucial legal and regulatory considerations. Due to security, compliance, and governance requirements, they need to be cautious while entrusting their business critical data to cloud services. However, these challenges can be addressed by building a federated IT infrastructure comprising of cloud based services as well as on-premise systems. Further , an organization can choose from the various cloud deployment models – public, private, and hybrid. A federated architecture will allow financial institutions to leverage the abstraction control provided by cloud and rapidly respond to market demands, while addressing legal and regulatory challenges. To sum up, cloud offers the promise of accelerated business growth and significant cost savings for financial firms, provided they select the right federated cloud architecture to address their specific business needs.

About Virender Jeet 

Virender Jeet, Senior Vice President- Technology, at Newgen Software Technologies Limited, joined Newgen in 1992. Since then he has been associated with design and development of various products and solutions at Newgen. Over the last two decades, Virender has been continuously leading innovation and product development at Newgen, in the field of ECM, BPM, CCM and Case Management. He has been instrumental in building one of the most effective Product Development teams for packaged products. His current involvement is in creating the technology roadmap for current and future Newgen products. Being a leading innovator for Newgen Software, Virender has 27 patents in his name.

About Newgen 

Newgen Software is a leading global provider of Business Process Management (BPM), Enterprise Content management (ECM), Customer Communication Management (CCM) and Adaptive Case Management (ACM) with a global footprint of 1100+ installations in over 58 countries with large, mission-critical solutions deployed at the world’s leading banks, insurance firms, BPO’s, healthcare organizations, government, telecom companies and Shared Service Centers.

Newgen’s Quality Systems are certified against ISO 9001:2008 and Information Security Standard, ISO 27001:2005. Newgen has been assessed at CMMi Level3.

Website: http://www.newgensoft.com

Media Contact: Asif Khan, asif.khan@newgen.co.in , Corporate Marketing, Newgen Software