“Identifying theft will always remain the biggest concern and stringent processes and hygiene practices will help put check to security threats. We have witnessed breaches of 4.1 billion records in 2019 and it is estimated that businesses of all kinds are expected to spend more than $1 trillion in security measures in coming years. The rise of Internet of Things (IoT) technology and the prevalence of connected devices will force the breaches to swell by a large number” says Amit Gupta, Founder & CEO, Rapyder Cloud Solutions.
Technology is reinventing every industry, especially the BFSI sector. How is Rapyder ensuring this transition?
Technology has been ever evolving; however, the speed of evolution has accelerated. Technology is not anymore, the backend team, but is at the center of the board room discussions. Customer experience around buying process and servicing is becoming critical for large enterprises to ensure they stay relevant in the market. New age companies do not have technical debt that they need to manage, also ease of cloud has also taken away the need of huge capital for build need businesses marginalizing the lack of funds to take new age businesses off the ground. This has led to disruptions across all industries and particularly in BSFI. Fintech has seen maximum interest and investments by Investor community.
Rapyder is young age consulting company driven by passionate technologist and leaders. We have helped over 40-50 fintech with various use cases, whether it to move from On Prem to Cloud, Security posture management, deploying Micro services architecture, Text to Speech conversion, Speech to Text conversion all using out of boxes processes and features provided by cloud players.
Key to new tech adoption is to build what’s needed for short to mid-term and evolve as business grows. This help manage cost and while reducing time to market leading to faster go-to-market.
What role does the cloud play in assisting the BFSI sector in meeting dynamically changing customer expectations?
Over the last few years new age companies have completely transformed the way services are being consumed, with over 80% digitally buying allowing them to reduce cost of delivery and operations. This has brought in market dynamics for larger BFSI players to adapt or perish.
Typically, large enterprise have been more cautious about changes, not due to lack of intent, but they have legacy technical debt that needs to be factored in during the transformation. New business metrics like % of online buying versus offline are driving the business transformation leading to accelerated technology adoption. And Cloud is at the center of this.
Cloud has played a key role in the acceleration due to its nature of scalability, lower bar of investment, prebuild AI services, managed databases to suffice different business use cases. This probably is the best time for technocrats as well innovators.
There are plenty of examples within Fintech where micro industries have evolved like Neo Bank Tech, Stock Tech, Invest Tech, Payment Tech, Loan Tech, Insure Tech etc.
Few publicly referenceable customers who are partially or fully into cloud are Bank Bazaar, Neo Growth, Loan Tap, Tally, Oxigen, One Assist Consumer Solutions, Rupee Redee, Easy Policy, Pay Near By etc.
How can we address the concerns of data security, especially when it is offered as SaaS? Are there enough safeguards?
The beauty of Cloud is that Security is joint responsibility. Given the scale at which Hyper-Scalers are operating they can make huge investments and negotiate much better rates with Security OEMs than any enterprise on earth can. These Security features and costs are than passed on to Cloud Adopters. Data residency compliances and Data Security are key components that are Cloud Adopters responsibility.
Identifying theft will always remain, the biggest concern and stringent processes and hygiene practices will help put check to security threats. We have witnessed breaches of 4.1 billion records in 2019 and it is estimated that businesses of all kinds are expected to spend more than $1 trillion in security measures in coming years. The rise of Internet of Things (IoT) technology and the prevalence of connected devices will force the breaches to swell by a large number.
The complexity is extrapolated due to the impacts of access by cloud service providers, government authorities and staff located around the world. The businesses need to balance compliance, risks and costs to ensure that security exposure can be minimized. This is no different from what business should be doing irrespective of being on prem or with hyperscaler, anyway.
Cloud Providers, with the help of Cloud Consulting partners are working to make Security Posture management easier. Solutions like Security Hub, WAF, Managed Security Services are product features being provided and at Rapyder we are working towards services on top of these product features to help with compliance for customers.
What challenges do you face pertaining to cloud migration?
Few years back hurdle was around awareness, benefits, total cost of ownership and security. These issues over the last few years have been largely addressed. Boardroom questions have moved from why to how now. Questions pertain to how much budget, do we have right talent, can we identify the right partner, which cloud provider for what type of workload, modernize-then-migrate/ migrate-then-modernize etc.
Unfortunately, there is no cookie cutter response to these questions, as each business is different, their plans are different, current state of technical journey is also different.
Working with over 400+ our learning has been that customers need to educate that both Cloud Providers and Consulting Partners have created best practices that can help un-lock or discover clinks that can be identified. There are also multitude of Programs being offered by Cloud Providers as well as Consulting Partners that help answers questions around Cost, Talent, When and What to Migrate etc. These teams work with Cloud Providers, Partners and Customer Sponsors to create the blueprint of how such transformation projects can be executed.
What are your growth plans for 2022 and beyond?
Rapyder is just 5+ years young company. We have been doubling customer acquisition, rapyDears team size and revenue almost every 12-15 months. It took us 5 years to cross 200 team. We are working towards our Mission-2023 plan to cross 600-member team and grow the revenue by 17x compared to 2020.
We are also adding new areas of expertise to help our customer. Center of Excellence, with the only charter to build new solutions and delivery acceleration has been formed in 2022. Data Analytics team has been created; we expect to grow this team to 50 people team in next 12 months. Team to create dedicated Security team is being under works.
Looking ahead next 3 to 5 years, Rapyder needs to stay a nimble with customer/employees’ obsession at the core of our growth.
Market should look at us as THE go-to-trusted-consulting-partner for all Cloud Service.