Cloud computing: Moving to hybrid cloud

India’s BFSI sector is tackling a growing number of challenges as digital technologies, digital startups and changing customer expectations force the industry to adapt and respond,” said Balakrishnan Anantharaman, managing director, Sales – India, Nutanix. “Despite these challenges, we are witnessing the sector implement various initiatives designed to take advantage of today’s digital economy.”

Recently, Future Generali India Life Insurance Company (FGILI) used a combination of private and public cloud capabilities through Nutanix Enterprise Cloud OS to gain the agility required for building digital solutions while storing data in compliance with regulatory requirements. Their technology adoption enabled the firm to support 30% year-on-year growth.

Nutanix is a cloud computing software firm that sells hyper-converged infrastructure appliances and software-defined storage. Recently, this San Jose, California-based firm announced the financial services industry findings of its third annual Enterprise Cloud Index report measuring organisations’ plans for adopting private, hybrid and public clouds. The findings point to a digital transformation within the industry, with half of the respondents reporting that Covid-19 caused them to increase their investment in hybrid cloud.

In the industry’s five-year outlook, hybrid cloud is the only IT model showing positive growth among financial company respondents, and it is expected to increase by 39% in that timeframe. Other key findings of this year’s report include:

The sector’s top motivations for modernising its IT infrastructure are to gain greater control of IT resource usage (59%), and to gain the speed (58%) and flexibility needed (55%) to meet business requirements.

Nearly 50% of financial sector respondents say they have either fully deployed HCI or are in the process of doing so, while 38% report they will be deploying HCI (Hyper converged Infrastructure) within the next 12 to 24 months.

Financial services organisations (62%) ranked security, privacy, and compliance issues as the most concerning when running applications within public cloud solutions.