Cloud tech fuels NBFC growth

As part of the NBFC’s TOMORROW conference, Banking Frontiers hosted a high powered panel discussion titled ‘Extracting the real Value from Cloud to Drive Digital Transformation and Business Growth’.

Moderated by Manoj Agrawal, Group Editor, Banking Frontiers, the eminent panel comprised Rishikant Dubey, CRO, Muthoot Microfin, Kunal Kathpal, Chief Risk Officer (CRO), Hinduja Leyland Finance, Prabhakar Tiwari, Chief Growth Officer, Angel One, Rajesh Krishnia, Head of Enterprise, BFSI, Nutanix India

Cloud technology is one of the most powerful emerging technology and solution. As an approach for many businesses in the financial sector, NBFCs have been trying to make meaningful use of the cloud and derive maximum value for the business.

Earlier the BFSI sector was a bit reluctant to adopt cloud systems due to concerns of data breach and security system lapses. There wasn’t much clarity on how they function and how to integrate them into different legacy systems. But the cloud system is now a reality, as there have been many security-side and analytic-side modifications and have been whole-heartedly integrated into many legacy systems.

Banks and financial institutions have adopted cloud services because of seamless computing and fast services. Digital transformation through cloud is happening by way of payment systems, internet banking, etc, which has led to high customer satisfaction.

Prabhakar Tiwari says: “I agree, that’s a big revolutionary change. And it has impacted both start-ups and large organizations.” Today the idea is to use cloud for business transformation; the agenda has changed from pure IT to investment and profitability. “Data architecture and data analytics have become the backbone of any organization. All this data helps us to personalize customer journeys and take advantage of that. I’m very enthused by the algorithm compute ability of cloud and we leverage big data a lot at Angel One.”