Compared to its potential, the actual adoption of Cloud has been relatively lacklustre in the BFSI industry till now. A key factor that keeps financial institutions and their customers from embracing the Cloud is risk-aversion.
Conventional banks, insurance and financial institutions might avoid experimenting with Cloud-led innovation and customer services. They choose to invest more in security measures, because of the high stakes involved. In such conditions, customer-centricity might take a backseat.
On the other hand, challenger banks and new age fintech services are trying to capture the hidden market, constituting a diverse customer base,
which prioritizes revolutionary customer experiences and absolute convenience, while performing financial transactions. Yet there is low acceptance due to lingering fears of cyber risks involved.