New tools and applications are opening doors for a new world and need to migrate into it, is the new trend. But today it is important to analyse the relevance of a new technology with regards to the business way prior to its implementation, according to Akshath Balachandra, Enterprise Business Development, Amazon Internet Services Pvt. Ltd.
Technologies like cloud is enabling transformation and innovation across the financial services but before moving into the cloud, it is important to analyse the preparedness for its implementation,
Migrating to the cloud is the new trend that everyone in the banking industry is busy adopting but prior to it is important to understand the significance and relevance of the cloud in one’s business.
“It is not just about moving your applications to the cloud and saying you know what we are a cloud-first organisation. Consult your team and ask whether they think that cloud will help them in making the business smother than usual,” he said.
It is important to look at the present stature of the market today and then decide the implications of cloud computing in accordance with it.
Similarly, if we look at the banking industry, we realise that in the last 40 years, there were just 14 new banks but in the last three years, 21 news banks have been introduced. These include several new entrants such as Payments Banks, Small Finance Banks etc. NBFCs, in particular, started to address the issues that the conventional banks were not addressing well.
“With these new players entering the BFSI market, the delivery medium is more and more getting into the digital mode. That is where the significance if cloud comes into place,” he said.
Several other technologies such as Artificial Intelligence, Machine learning, blockchain are emerging as key players in enabling change.
“Paving way for digital banking, payments options namely Unified Payments Interface (UPI), BHIM App, Tez etc will soon obsolete credit and debit cards,” added Balachandra.
“In this era of change, several brands such as Ola Taxi aggregator and others are doing well because they are in touch with their clients to understand their requirement and thus sustain the competition, ” he added.