80 per cent corporate banks to leverage Cloud by 2024

New Delhi: Nearly 80 per cent of corporate banks in India are forecast to run their trade finance and treasury workloads on Cloud by 2024, said a new IDC report on Friday.

By 2023, to counter the uncertainty of the pandemic, 60 per cent of corporate banks will be revisiting credit scoring models and prioritising an open data strategy to improve loan portfolio health, according to the report.

Compared with developed economies, India's corporate banking sector is still in its nascent stage in terms of product and service offerings.

However, this is being tested on twin counts of increasing digitalisation of the Indian economy and globalisation of Indian companies, which are bringing in rapid sophistication in operations and engagement.

"In India, corporate banking has remained undelivered during the last couple of years, but going forward, the scenario might change as the threat of the Covid-19 pandemic dwindles and the prospect of India playing a key role in the revival of global supply chain environments gain momentum," said Ganesh Vasudevan, Research Director, IDC Financial Insights Asia-Pacific.

The pandemic has forced CFO focus on liquidity. In response, 55 per cent of corporate banks will invest in supporting predictive liquidity management and 60 per cent will upgrade data and connectivity capabilities by 2024 in the country.