Needs for technology that is secure, responsive and can easily be scaled have become the norm as the BFSI (Banking, Financial Services and Insurance Institutions) is undergoing rapid digital transformation. The current relevance of these demands spans anything from timely decision making to meeting regulatory requirements, from continuous service uptime to faster systems recovery. In this regard, there is growing adoption of managed cloud services by BFSI firms, as these solutions positions their firms competitively providing them the ability to rapidly develop while still managing security and data residency challenges.

Banks and other financial organizations today need robust cloud environments that are not only strong and secure but also can scale in accordance with business and regulatory requirements. With the focus on hybrid and multi-cloud strategies, security, and operational effectiveness a strong technical expertise is of dire need for the industry.

The Importance of Managed Cloud Services in Achieving the Competitive Solution for BFSI

Data accessibility, compliance, and risk management are some of the cornerstone aspects of financial services. In-house systems, while resilient and secure, have always been limited in their ability to be flexible and scalable to modern needs. Managed cloud services are efficient in filling this gap as they provide reduced lead times facilitating a more flexible, quickly deployable and affordable infrastructure.

This level of flexibility is important for Banking & Financial firms given the pressures to deliver secure yet engaging customer experiences, evolving regulations and the need to ensure operational resiliency.

Let’s look at key benefits of managed cloud services:

Operational Agility:

Cloud infrastructure provides firms the advantage of scaling the resources they want to utilize, deploying systems handle variable workloads and growth factors efficiently.

Enhanced Security:

Businesses can focus on their core business while entrusting the responsibility of managing and securing their cloud infrastructure to external experts. It offers a comprehensive and proactive approach to safeguarding the cloud environment against evolving security threats.

Compliance Readiness:

Owing to the increasing data privacy and financial regulations, cloud service providers follow-up on frameworks that ensure compliance requirements such as data residency and auditing standards are maintained.

Why Massil As Preferred Cloud Managed Services Partner

Massil Technologies has the experience of providing managed cloud services with a high degree of security which is important in regulatory whether it is in BFSI or other sectors. Here is how we help in enabling Banks or FIs to utilize the clouds efficiently and in a secure manner:

Customized Hybrid and multi-cloud.

In such a regulated environment as the one present in BFSI it is common to implement hybrid cloud or multi-cloud for reasons of critical data locality and sensitive customer information control. Massil has the ability to provide hybrid cloud solutions that combine on-premise solutions with the flexibility of the cloud so that BFSI companies can develop a secure and compliant data architecture. In this situation, a hybrid or multi-cloud architecture assists them with data storage and processing settings that are both compliant with local laws and consistent with international norms.

For instance, a company’s sensitive customer data could be secured at an on-site facility, while the operational workloads of customer engagement or analytics are executed from a cloud site that is not as sensitive. This way not only do they comply with compliance requirements but they also give room for operational flexibility in a way that allows to meet changing business requirements quickly.

Wider the Scope Deeper the Impact

As the financial sector witnesses multiple targeting attacks, weakness is rendered into the technology and operations systems which account for disaster arising from the cyber- attacks. At every point in the structure and to every layer of the cloud solutions deployed, security is incorporated. Massil extends the range of security practices to threat mitigation through identity management and detection. Policies such as IM, I&A and encryption, plus frequent assessments of “Light Zones” related to vulnerabilities serve as operational shields over very critical assets.

With Massil’s security automation over the managed cloud offerings, running security operations centers has transformed completely in the IaaS and PaaS models. Real-time threat detection and incident response handling have made this possible. This kind of monitoring is critical for BFSI institutions particularly during any transaction periods or when PII data is made available to be processed or worked on. Thus, with the barrage of threat detection features, cyber threats are met head-on allowing banks and insurance companies to have a lot of uptime serving their clients hence building the client’s trust.

Adapting to the Trends

For institutions operating within the BFSI circles, regulation standards like CCPA, PCI DSS and GDPR cannot be ignored period. In this respect, establishing competency on cloud governance frameworks that suit the regulators is critical. Such frameworks facilitate control of data assets with great competence enabling organizations to deploy appropriate procedures and controls for its safeguarding and that of sensitive data across clouds.

Massil provides regulatory controls such as data locality, data lifecycles and data access control which enables BFSI institutions to comply with guidelines in relation to benefits of cloud infrastructure. Aside from this, compliance frameworks can also assist institutions to avoid the risk of noncompliance that comes with steep penalties and adverse publicity.

Utilizing Data and AI for Innovation

Due to the emergence of technology in today’s world, BFSI institutions are increasing the use of data analytics and AI techniques for enhancing decision making, customer segmentation strategies, and detection of fraud. A bank for instance may use cloud computing to analyze customer data patterns in transactions to deter potential frauds and also insight collation on potential fraudulent customers before it even occurs. Furthermore, as customer data is properly analyzed, it becomes possible to offer financial services that fit the needs of the customers. With Massil’s managed cloud services, BFSI companies are able to retrieve, manipulate and utilize data appropriately and at an increased speed of operations than competitors.

Cloud Strategies that are Future-Ready

The level of change in the BFSI space is only going to acquire pace, and institutions require a cloud strategy that will match that growing need. Massil Technologies does more than just assist businesses with migrating to the cloud. Scalable, safe and compliant, our managed cloud services help BFSI organizations respond to the complexities of the present digital milieu with assurance.

As cloud technologies continue to gain traction across enterprises, activists among BFSI institutions that place a premium on a cloud strategy that’s well-elaborated along safety and agility lines are the ones likely to win in the long run. Since Massil has the knowhow in building and operating such cloud-based environment, the financial organizations are to remain operationally resilient, improve customer interaction and remain ahead of the regulatory requirements. Partnering with us enable organizations can optimally harness the capabilities of the cloud while enhancing their agility and innovations.