Adopting to cloud strategy has way too many benefits: TM Praveen, Opus Consulting Solutions

Cloud is the future and as the leader of a technology company, I advocate moving to the cloud. Cloud is very safe but as with every technology, risk and fraud need to be combated stronger, says TM Praveen, Chief Executive Officer, Opus Consulting Solutions, in conversation with Rashi Aditi Ghosh of Elets News Network (ENN).

1. Tell us about Opus. How significantly is it supporting the dynamically changing payments industry?

These are exciting times for Opus. The last two decades saw a huge transformation in the payments ecosystem and we are happy to have had opportunities to work with some very innovative companies in the payments space. Our customers have sharpened their focus on modernising their infrastructure for scalable payment solutions, adding new revenue channels and eventually delivering seamless payment experiences for their customers. We are focusing on new technology and partnering with our customers to help them with cloud transformation, better decision making through machine learning-powered solutions and better customer experiences with AI-powered solutions. We are doing a lot of good work for P2P transfers including faster payments, omni-channel commerce, and just pure payments innovation.

2. What are your views on emerging technologies like Machine Learning, Analytics and Cloud Computing? Is India ready for them?

ML, AI, and Cloud have been around for a while now and most large players are embracing them with care. India, like other countries, is already using these technologies in many ways, especially with the advent of modern tools and algorithms in this space. When it comes to cloud computing, a lot of organisations, especially in the financial services industry are watching every step they take. Though cloud infrastructure is largely secure, there is a certain apprehension about it and I am sure the coming decade will see a significant uptick in the adoption of all of these.

3. Experts across the BFSI domain in India are always in two minds with the deployment of the cloud. Is it safe?

We cannot deny that adopting a cloud strategy has way too many benefits. You can scale your business offerings, automate processes and increase organisational productivity. The only concern that looms in the minds of decision-makers is security. Cloud is the future and as the leader of a technology company, I advocate moving to the cloud. Cloud is very safe but as with every technology, risk and fraud need to be combated stronger. The next decade will see higher and stronger adoption of cloud to boost organisational productivity.

4. Start-ups are disrupting the way we go about life. Comment.

That’s true. Every day you read about start-ups solving a new problem. It is great to see young minds take on the big challenges of the world, break them down and work towards making our world a better place. The current generation cares most about convenience, unlike the last that cared most about the cost. Innovation is key to businesses and the whole startup ecosystem is fostering a community feeling and taking on big names in every industry.

5. What challenges and opportunities did you come across in 2019? Plans for 2020?

2019 had its share of challenges. Large organisations were in the middle of organisation consolidation, digital strategy, and general restructuring. The industry continues to move forward and I am excited about the opportunities 2020 is going to bring. We will sharpen our focus on building payment solutions using new technology such as cloud, AI, ML and continue to make a difference to our customers’ lives.