We strongly believe that the latest emerging technologies are going to have a major impact on how businesses are conducted and their impact on the future of our society. We are excited to be part of this journey of amazing digital transformation, says Vinay Nerli, CEO and Velu Subramanian, COO, of Landmark systems and solutions in conversation with Elets News Network (ENN).
Give us an overview of your products and services.
Vinay: Landmark Systems and Solutions is a digital transformation partner for the financial services sector. Our flagship products suite includes DPSecure(Depository Participant Back Office), WealthSide – Wealth Management Solution, PaySmart(Payment Reconciliation and Settlement), LaSec (Lending Against Securities) and Digital KYC. We currently serve more than 100 companies including Private and Public sector Banks, Capital market players, Fintech firms and NBFCs. You are developing various financial applications, especially in Fintech.
What are the challenges you see in Fintech vs traditional development? Is Cloud helping this transition and how?
Velu: We are in the financial market for 15 years and have been part of the transition happening from traditional banking to Fintech. The main challenge in Fintech is Time to Market, Innovation and accepting new disruptive technologies. We are AWS (Amazon Web Services) Consulting Partners and using it extensively to overcome all of these challenges. To name a few, we use dynamic provisioning features in AWS instead of waiting for weeks and months to roll out a new solution setup.
We do it in a matter of hours with high-performance servers configured for production or test deployments. Speed of delivery is accelerated by automating processes such as access management, testing, feature deployments, and application provisioning using DevOps. This allows our engineers to focus more on product innovation, instead of spending time on operational issues like procurements and system provisioning. We have developed niche skills in Mobile app development combined with UI/UX knowledge to cater to the millennials who desire for the enhanced user experience.
How the cloud is helping banks in safeguarding data and boosting digital transactions in the country?
Velu: We use various cloud services extensively for building Fintech apps and SaaS Applications. It was never easy to build applications as per the security guidelines of the Reserve Bank of India (RBI). For example, cloud services provide a shared responsibility model, three-tier web architectures for Payment Card Industry Data Security Standard (PCI DSS) compliance.
The other factor for digital transactions is the speed and scaling of applications. AWS/Azure provides an auto-scaling feature, which ensures consistent performance even during those surge periods. With the increased usage of mobile phones, it has become evident for the Fintech companies’ to provide their services around the clock to make sure that customers have access to services anywhere, anytime. Cloud helps us build highly available systems with zero downtime applications.
What new innovations are you planning to implement in the company?
Vinay: LSS is working on adapting the Blockchain and Artificial Intelligence technologies. Looking at the data breaches in the financial services that have increased by 400 percent in recent years, innovative solutions are needed to avoid fraudulent attacks. Blockchain technology must be the foundation for the products and services built for the financial world.
What are the challenges faced while serving the Indian Financial market?
Velu: The ever-changing regulatory environment poses a constant challenge for the finance industry. FinTech companies haven’t disappeared like many in the banking industry had hoped. In fact, many have matured into formidable players and partnering with these tech-savvy startups is seen as a wise move.
Customer Experience (CX) isn’t just a buzzword, it is one of the most important issues firms are facing in the financial services industry today. Banking customers, expect banking to be mobile and don’t care if the bank is a FinTech. Changing old-age traditions will take time and money but is achievable with innovation.