Key Challenges Faced by Banks, FinTechs, and Payment Solution Providers in Implementing the Cloud
Complexity in migrating legacy infrastructure and core applications to a cloud solution that can deliver the same level of stability
Lack of expert knowledge among in-house resources to navigate banks through the challenges involved in the cloud migration process
Concerns about data security and the legal framework related to the cloud infrastructure that may differ across countries
Issues with managing ever-evolving and strict regulatory compliance specific to the banking industry and the financial services
Lack of alignment between the bank’s business objectives, IT infrastructure, and upgrade requirements
Our cloud transformation and solutions include
Identifying gaps in the existing IT infrastructure that can be addressed with the effective deployment of cloud services
Planning, designing, building, and optimizing a cloud-native transformation strategy for the complete range of banking products and services
Enabling cloud migration through industry-proven delivery methodologies and repeatable frameworks to drive sustainable growth
Ensuring solution stability during every stage of the cloud application lifecycle, including migration, integration, and modernization
Deploying a security and compliance policy for the cloud infrastructure to mitigate potential threats
Promoting a cloud-powered innovation culture among the workforce to build and scale modern cloud-native applications and services
Opus Enables Wide-Ranging Benefits with Cloud Transformation
Improves time to market with the ability to innovate faster and develop highly extensible cloud-native services.
Enhances the customer experience with faster processing and higher reliability of the payment platform.
Achieves cost efficiency with the ability to scale the infrastructure based on real-time demand, eliminating the need for managing on-premise hardware.
Simplifies integration with a range of value-added services by FinTechs and BigTechs that employ a modern tech stack.
Offers deeper insight into customer data that helps shape key strategic decisions for the bank.
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Frequently asked questions
Cloud transformation involves a complete digital transition of an organization’s existing applications, supporting IT infrastructure, data, security, compliance, certifications, and optimization processes. Based on transformation objectives, an organization will formulate a strategy and a cloud lifecycle management process.
A typical cloud transformation project has three stages: application transformation, network transformation, and security transformation. The first stage ensures existing legacy applications are moved to a compatible cloud infrastructure. This may require redesigning the application to meet the demands of a modern cloud. The second stage involves moving the network-based component of the service to the cloud. The third stage consists of adding security policies to ensure safe data storage and transfer during and after the transition process.
Cost efficiency is one of the major benefits of cloud transformation services. With cloud implementation, an organization can eliminate the cost of owning and managing on-premise hardware. Additionally, cloud transformation helps an organization innovate faster, integrate easily with third-party services, and scale up quickly as per requirements.
7R’s strategy is a framework to plan and prepare for application migration to the cloud. The 7 R’s refer to refactor, replatform, repurchase, rehost, relocate, retain, and retire. It’s prudent to evaluate existing application and data requirements based on these 7 R’s and customize the migration plan accordingly.
As the digital payment landscape evolves, most stakeholders are deploying cloud infrastructure as a default. This enables simplified integration with other third-party services that can be bundled to enhance the service offering to the customer. Along with that, the cloud offers insight into customer behavior, service performance, and deliverability. This data can be used to innovate faster and deliver better services.