IT Leadership Podcast

A Stronger Culture of Cloud Computing is On The Anvil in FSI Sector: Vaishali Kasture, AWS

Today’s technology giants are not the traditional hardware makers. That era seems to be long over. While the hardware still plays a key role in putting up a robust, resilient, and scalable technology infrastructure, it’s the availability of that infrastructure in an elastic form that has become supremely important. The name of this game is Cloud Computing. It won’t be any exaggeration to call it a war – a cloud war! Although the war has many facets, many dimensions, but unlike the meaning of war in its traditional sense, the results of this war are only providing its customers better, cheaper, and viable alternatives to support their critical business functions and get also rid of a large amount of technical debt. With Amazon, Microsoft, and IBM generating over US$163 billion in revenue in just the year 2021, the Cloud Wars Top 10 will reach a combined total of about US$241+ billion in cloud revenue this calendar year, according to popular estimates.

These are a total of 10 cloud providers generating US$241 billion in cloud revenue this year – an average of US$26.7 billion for the top 9 companies minus SnowFlake, which has a share of US$1 billion.

Very recently the newly appointed CEO of Amazon Andy Jassy (who was heading AWS before succeeding Jeff Bezos), said that in spite of the booming market for cloud services, the enterprise cloud accounts for less than 5% of total global IT spending. The past year and a half has been a watershed year for a selected technology vendors and Cloud Providers were certainly in the front few rows. In quest to accelerate the move towards customer-centricity and enabling business digitally, the cloud became the default option to provide an optimal foundation.

All companies featured in the Cloud Wars Top 10 are in a race to expand their offerings ( horizontally and vertically) in response to the changing needs  of the new normal. As they expand boundaries of the cloud to meet the dynamic demands, the overall IT market is slated to become much larger than anticipated. No doubt that Cloud’s ability to turn technologies such as ML, AI and Augmented Reality into a trusted, mainstream application is unequivocal and that will also be a decisive factor in the expansion of the market. Along with it, the industry-specific cloud solutions are also seeing an upward trend. It is triggering a fresh wave of innovation that goes beyond the traditional enterprise applications. An example of this is an AWS’ Axis Bank deal. Axis Bank, India’s third-largest private sector bank with a customer base of more than 200 million, has decided to adopt AWS to accelerate its digital transformation and meet the growing demand for its digital banking services. Earlier this year, even RBL Bank migrated over 60 mission-critical applications to the cloud with AWS. That included retail assets, branch and business banking operations, HR and customer-facing websites.

To talk about many of these issues, we had interviewed Vaishali Kasturae, Head Enterprise, Mid-Market and Global Businesses – India and South Asia, AWS, AISPL. Vaishali is a banking and financial services-turned-technology professional. She started her career in banking and financial services, moved to the Knowledge Process Outsourcing (KPO) industry, and led the global banking and capital markets and a credit bureau in subsequent roles.

Listen in to this conversation…

Photo credit: LiveMint

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