The use of cloud and associated services among banks in the Asia Pacific will be a tipping point and the majority of these financial institutions will use hybrid cloud architecture, revealed the International Data Corporation (IDC) 2017 report.
Over the last couple of years, we have witnessed a series of transformations in the financial services industry across the globe and cloud has been at the core of it.
The FinTech companies, digital-only banks, new age Non-Banking Financial Companies (NBFCs) and Housing Finance Companies have largely built their digital infrastructure on cloud not only because of the advantages that it offers but to help them get “future ready”. The financial services landscape in India is in the midst of a dramatic transformation with a number of companies crafting remarkable success stories based on a unique combination of business innovation and cutting-edge technology on cloud.
The lending transformation journey includes end-to-end customer-centric thinking, launching personalised products, faster approaching one customer at a time with a product of their choice, allowing anytime anywhere use of digital applications, incorporating a comprehensive scorecard based credit assessment, automating credit decision making, offering loan decisions in minutes, providing doorstep servicing and enabling seamless collections.
Financial services companies are positioning themselves to make a mark in the business with an unparalleled customer experience, business efficiencies and innovative products, all of which have been facilitated by technology.
Adopting a new technology no longer means waiting for months as companies today are going live with digital platforms in as quickly as two days.
As a common denominator, such companies have also adopted the cloud model due to its significant advantages including aligning spend with business growth, improving their ability to respond to customer demands quickly, delivering anytime anywhere business reach, reducing time to market, providing on-demand scalability and best-in-class security.
As in the case, with many new companies, they wish to start business at a smaller scale without a big investment in IT infrastructure and gradually expand along with the business growth curve. A reliable technology platform on cloud serves this need perfectly. Above all, the cloud model allows them to relentlessly focus on their business while leaving the IT to technology experts. With fast evolving customer behavior and rapid advancements in technology, digital capabilities may soon become table stakes. Lending is transforming beyond digital and the lenders of tomorrow must be ready to deliver unique and personalized experiences that customers of tomorrow would demand.
With more than three decades of lending business domain expertise, Nucleus Software is contributing significantly to this revolution in the financial services industry.
Nucleus FinnOne Neo Cloud combines the advanced capabilities of the 10 time winner world’s best-selling lending solution with cloud model specific benefits. The solution, which provides end-to-end digital lending capability along with mobile apps and readily integrated analytics, has already been adopted by 25 leading financial services companies in India within the last 21 months. l
(Views expressed in this article are a personal opinion of Sarbpreet Anand, Global Head- Cloud Business, Nucleus Software.)