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Making the Elephant Dance: The New Era of Innovation & transformation for The Indian banks -Part 1

By | Ninad Katkar | Regional Sales Director-Major accounts & Public Sector at Zscaler

If the disruptions of 2020 have taught us anything it’s that financial institutions have to look beyond the day-to-day business of transactions and instead focus on ways to connect, predict and adapt to stay ahead of the curve. Banking industry in India is rapidly evolving facilitated by mobile and internet penetration in the country and technological innovations disrupting the established processes.

Indian banking industry have traditionally struggled in adopting innovations. They must abide by strict policies to meet the requirements of their regulators, which has often prevented them from gaining the benefits of new technologies. But as Indian banks have had to adapt to an increasingly digital world, it is imperative they have security solutions in place that not only provide security for users and data, but also ensure compliance with policies and regulations.

We have seen particular growth in interest from Indian banks and financial services in deploying a cloud-based Zero Trust approach. While one might assume security to be the number one driver for Indian banks, our discussions have highlighted somewhat surprisingly that user experience is more of a priority. Because Zero Trust provides granular access to applications without ever placing users on the network, they can take the direct route to their applications without latency-driving detours.

Indian banks have always been entrusted with the most valuable financial assets, and therefore, in the grand scheme of things, already have a formidable security posture. Traditionally, this has always come at a price, as complex infrastructure usually does not harmonise well with great user experience. Over the past few years, the cloud transformation journey of Indian banks has accelerated dramatically, and the finance sector has invested heavily in cloud infrastructures like AWS, Azure, or Google Cloud and cloud-based office applications.

At the same time, many Indian banks kept their legacy infrastructure in place, which holds them back from profiting from the full potential of the cloud. This traditional architecture serves as a barrier to experiencing the full flexibility and agility. It’s a bit like buying a shiny new sports car, then trying to drive it with the handbrake on! As a result, Indian banks are now looking for ways to help their employees become more productive on the cloud platforms they have developed, and to garner the return on investment of all the cloud infrastructure the industry had been so excited to embrace.

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