Cloud services in FinTech have flourished in the industry
With expertise in product management and operations in the telecom sector and experience of around 15 years, Vidhu Nautiyal is the Co-Founder and Chief Revenue Officer of CloudConnect Communications Private Limited (CCPL). Vedhu has run revenue, service engineering, product management and operations at CloudConnect and has worked with some of the biggest brands in the telecom industry, including Blackberry.
As the financial services industry in Asia Pacific continues to change, cloud technology continues to significantly accelerate the speed of digital innovation across all financial institutions. As businesses use data analytics to remain competitive, increase efficiency and create new revenue streams, new opportunities are opening up. By 2024, cloud spending in Asia Pacific is expected to increase to $200 billion at a CAGR of 20%.
Although India continues to dominate public and private cloud services investment and overall IT usage, FIs may see near-term difficulties due to data governance, cybersecurity and the skills gap. The solution to these problems is to update the cloud, maximize insights and improve decision making.
Addressing these challenges will enable data analytics platforms to be reinvented with a cloud-based architecture approach, starting with minimizing performance issues that can result in costly downtime. An efficient cloud platform service such as Internet telephony and Business VoIP can provide businesses with scalable, secure and bi-directional connectivity across their fleet of intelligent devices. In addition, end consumers can access data and insights through organizations’ applications. As a result, FIs gain security, compliance and customer satisfaction, guaranteeing a positive return on investment.
Cloud technologies, which can act as a one-stop shop, may be able to meet today’s demands for finance. Fintech is now fully functioning as a “Cloud First” industry due to the growth and maturation of cloud technologies, which have a fascinating history and validation to enable scalability, availability, reliability, agility, security and favorable economics.
Growth of cloud services in FinTech
India’s fintech industry is undergoing a significant shift, driven by cutting-edge technologies such as cloud infrastructure, machine learning and artificial intelligence. Through the use of e-KYC, IoT, AI and video KYC, companies have been able to increase the efficiency of their systems for digital signatures, account aggregation infrastructure, claims processing, payments and savings marketplaces in India. In addition, users now feel more secure thanks to biometric identity verification technologies such as voice, iris and face recognition, suitable for the financial industry.
The rapid pace of innovation, the expansion of partnerships between banking institutions and fintech companies, and India’s deep talent pool all play an important role in the country’s growing technology adoption. The consequences of these changes are undoubtedly felt in colleges, where 32% of Indian graduates study science, technology, engineering and mathematics (STEM).
While the pandemic has boosted expansion in India’s fintech industry, it has also presented a number of difficulties. The risk of data security and privacy breaches is increasing, platform breaches are becoming more frequent, and the usage rate for micro, small and medium-sized enterprises is at a record high level (MSME). Rapid technological advances have created opportunities for organizations to digitize, but companies’ inability to attract and retain talent has prevented them from realizing their full potential. The new normal has shown how crucial cultural adaptation, rapid decision-making and hybrid working methods are in attracting young talent into the modern workplace.
The fintech sector in India has long faced difficulties due to poor financial literacy. Only 47% of people have access to the internet, and many do not have a bank account. This presents both a challenge and an opportunity for fintech companies. Through educational institutions and community forums, governments can establish new programs and policies that will increase public awareness among Indians. Fintech companies are also affected by changing policy requirements covering consumer protection, infrastructure security, cryptocurrency, payment rules and investment exits. Reducing regulatory requirements could help with these problems because they are likely to hinder industry expansion. In addition, blockchain technologies can benefit the fintech industry by increasing the security and transparency of financial operations.
The future of FinTech
The collaboration between fintech and the cloud has a promising and reassuring future. Cloud computing and cloud contact center operating as a Direct to Business service over the next ten years is the market solution. Collaboration and cross-pollination of ideas, expertise and people should lead to deeper domain-oriented solutions that address business, product and regulatory requirements. Additionally, as computing power continues to rapidly increase, next-generation Fintech DevOps should evolve into a low-tech/no-tech self-help paradigm for Direct the Business.
Financial firms with a strong sense of technology have seen the agility potential of cloud computing and how it can help them manage their sector. By developing and offering cutting-edge products and services, establishing seamless customer contacts and increasing revenue through collaboration with related firms, cloud computing is now expanding its influence in the fintech industry. So be careful with the size of the cloud. There are more unicorns than any other industry in the burgeoning fintech sector. Due to the huge amounts of data that need to be managed, stored and analyzed securely, fintech must now take advantage of cloud technology.
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