Nitin Agarwal is President and Group CIO at Edelweiss Financial Services. He is also CTO and Chief Digital Officer at the company. He has over two decades of experience working in senior management and technology roles across banks, financial, IT services. An IIT Delhi graduate, he is an Institute Silver Medalist and department top rank holder for 4 years.
With the advent of Fintech and a competitive marketplace, launching new products/services faster into the market to accelerate business growth and huge technical debt owing to the complex legacy applications is a huge challenge faced by FSI. Edelweiss Financial Services being one of them undertook Enterprise Cloud Adoption in a unique manner. Nitin and his team created organization tailwinds by securing buy-in from the various stakeholders, reorganized the IT delivery structure to adapt to the cloud environment, performed migration assessment and conducted trainings through close collaboration with the cloud service providers. Edelweiss is one of the fastest organizations to adopt cloud and it completed all the 7 stages of cloud adoption in just four months as opposed to the industry average of twenty four months. The company also signed the Enterprise Agreements with AWS and Azure in record time of three months.The business benefits have been multi fold including reducing the infrastructure provisioning time from 3 months to a day and increased infrastructure utilization rates through on-demand infrastructure/ lambda scripts. The focus of cloud project was never on cost reduction; however reduced TCO was an outcome by migrating to the cloud; which saved cost of around INR 2.5 crores for the company with no new hardware (Servers) purchased in the last 4 months. Availability of more scalable infrastructure for executing big data projects; on-demand BCP/DR leading to high resiliency and that too without committed costs were other big benefits. Edelweiss Financial Services is now cloud ready organisation with all its future application deployments on the cloud.