Prøve GULL - Gratis

Green IT

Banking Frontiers

|

July 2024

Aiming for Net Zero, banks and financial service organizations are focusing on Green IT to substantially cut down energy usage, to switch to renewable energy and to dispose/recycle e-waste safely. Technology leaders from 11 financial organizations across India, Nepal, Bangladesh, Mauritius and Iran share their Green IT initiatives in this cover story:

- Smriti Pandey, Manoj

Green IT

Spice Money: Green Infrastructure at the Core

Spice Money is a rural fintech company. It leverages IT in a big way and is constantly searching for and adopting Green IT solutions. It prioritizes environmental responsibility alongside cost savings.

INFRASTRUCTURE EFFICIENCY

Spice Money has made significant strides in enhancing hardware efficiency by focusing on ENERGY STAR-rated equipment when selecting servers, storage, and networking devices. This careful procurement ensures that the technology they use is energy-efficient. Additionally, the company has implemented server consolidation, allowing multiple virtual machines to run on a single physical server, which significantly reduces overall power consumption.

In terms of software and power management, Spice Money has optimized its workloads to use fewer servers, consolidating underutilized ones to lower energy draw. The data center’s energy consumption is closely monitored, and corrective actions are taken as needed to maintain efficiency.

Varundeep Kaur, CIO at Spice Money, says: “Spice Money’s data center and cloud initiatives further underscore our commitment to sustainability. The data center operates in a tier 4 facility, utilizing 60% renewable energy. This LEED-certified building aims for carbon neutrality by 2030. Moreover, our data warehouse workloads are hosted on energy-efficient and environmentally friendly cloud services, contributing to our overall green IT strategy.”

imageELECTRONIC WASTE MANAGEMENT

Banking Frontiers

Denne historien er fra July 2024-utgaven av Banking Frontiers.

Abonner på Magzter GOLD for å få tilgang til tusenvis av kuraterte premiumhistorier og over 9000 magasiner og aviser.

Allerede abonnent?

FLERE HISTORIER FRA Banking Frontiers

Banking Frontiers

Banking Frontiers

CorpComm Culture 2.0: From Announcement to Alchemy

Learn how Santanu Chakraborty, Lead - Corporate Communications at Bombay Stock Exchange is driving initiatives that garner millions of views:

time to read

3 mins

June 2025

Banking Frontiers

Uno Digital Bank Enhances Lending Capabilities with Pennant Technologies' Loan Management System

Uno Digital Bank has successfully deployed Pennant Technologies' pennApps Lending Factory Loan Management System (LMS) as part of a strategic move to modernize and streamline its lending operations.

time to read

1 mins

June 2025

Banking Frontiers

Banking Frontiers

Women at the Fintech Frontier

Shruti Aggarwal, Co-Founder, Stashfin, and Dilip Modi, Founder & CEO, Spice Money, are championing fintech for all, with a strong focus on uplifting women customers in underserved regions:

time to read

8 mins

June 2025

Banking Frontiers

Banking Frontiers

₹214 billion & Counting - Quantum Computing Next Fraud Shield

Banking fraud is evolving rapidly, driven by the increasing complexity of digital transactions and the sophistication of criminal networks using advanced technologies. Traditional fraud detection systems based on rule-based engines and machine learning algorithms are struggling to keep up with the volume, speed, and subtlety of modern financial crime. Quantum computing, with its ability to process vast, high-dimensional data and uncover hidden patterns using principles like superposition and entanglement, offers a promising new frontier in combating fraud.

time to read

5 mins

June 2025

Banking Frontiers

Banking Frontiers

Digital lending gains ground, but MSME credit gap remains a challenge: SIDBI Report

The Small Industries Development Bank of The India (SIDBI) has released a new report titled \"Understanding the Indian MSME Sector: Progress and Challenges.\" The report highlights the evolving financial landscape for Micro, Small, and Medium Enterprises (MSMEs), with a sharp focus on digital lending and access to credit.

time to read

1 min

June 2025

Banking Frontiers

Banking Frontiers

PRACTICAL USE CASES OF PERFECTION

The financial sector periodically undergoes some transformation or the other, such as - nationalization, privatization, computerization, digitization and personalization. While all these are well publicized, there is one more transformation that is less visible - and that is perfection.

time to read

36 mins

June 2025

Banking Frontiers

Banking Frontiers

9 Indian banks among 40 Global Digital Champions: Deloitte report

According to the 6th Deloitte Global Digital Banking Maturity (DBM) survey, nine Indian banks have been recognised as 'Digital Champions' among 40 banks that received the title globally. Since 2022, India’s DBM Index has grown from 43% to 59%, witnessing a 16-percentage point (pp) increase. Indian banks have observed the most notable gains in day-to-day banking (+9.8 pp) and expanding relationships (+3.4 pp). This change reflects Indian banks' increasing digital maturity, showcasing their focus on customised advisory, rapid technological advancements, AI integration and beyond-banking offerings.

time to read

1 min

June 2025

Banking Frontiers

Banking Frontiers

Yes Bank gets a major push

SMBC, the banking arm of Japanese financial services major SMFG is buying a 20% stake in Yes Bank:

time to read

4 mins

June 2025

Banking Frontiers

Banking Frontiers

CDAOs are becoming crucial positions in organizations

CDAOs are now holding a strategic position in organizations and their role is becoming more established:

time to read

3 mins

June 2025

Banking Frontiers

Banking Frontiers

AI will take away repetition, not employment

Technology is associated with worries like rising costs, rising unemployment and skills shortage. Vivek Tiwari, MD & CEO at SATYA MicroCapital gives his calm perspectives on these issues:

time to read

2 mins

June 2025