10 Things We Learnt From Recent Fintech Events and Cloud

Themed around “10 Hybrid Micro-experiences,” which are day-long conferences held as part of Fintech Festival India across various cities in India, was held over 8 months. Starting from July 2021, which went on till Feb 2022, these conferences will be followed by two separate culmination of mega-events. The Digital Edition of the event will take place from 1-3rd March 2022 and will be followed by the Physical edition from 20-22 July 2022 at Pragati Maidan, New Delhi.

FinTech Festival India 2022 has been an excellent platform for showcasing the latest technology and innovations in the FinTech field. Its main aim is to unleash the potential of FinTech in India and showcase opportunities for investors and the Global FinTech fraternity to venture into the growing Indian Market.

The event entails visionaries from the FinTech field who have come under one roof to change the face of FinTech by showcasing how leveraging Cloud to Fintech has been the game changer enabling businesses to grow.

While the digital events have provided a great opportunity for industry leaders and businesses to understand new-age technologies and merge business solutions, it has opened a global platform for knowledge sharing from leaders across the globe.

Here’s what we learned from the FinTech Events that were spread across 8 months, 10 conferences with more than 160+ speakers and 500+ attendees worldwide:

1. Innovation

FinTech – Finance+Technology is undergoing a profound transformation. Fintech allows users to get financial services at their fingertips. It allowed them to get better solutions more in tune with their lifestyle. The recent advancements in leveraging cloud have reshaped FinTech like never before. It has allowed us to connect with users directly, which was essential during the pandemic. It provides a multi-channel relationship with customers and provides a 360-degree aspect of service.

2. Customer-Satisfaction

Cloud merged with FinTech allows to maintain customer relations anywhere and anytime. One of the major advantages of using Cloud computing in Fintech in recent times has been focused on decreasing the time and effort for the user by integrating legacy systems with Cloud, thus enabling faster access and transactions. Accessing information has become easier with cloud fintech for bankers and customers. The evolution of cloud computing has enabled banks to focus more on the customer-centric model and digitalizing investments, trading, and loans adding to customer satisfaction.

3. Self-service applications

With the pandemic hitting the world in full swing, the need for remote self-service technology became more prominent. This need will only grow in the coming years, allowing banks and customers to manage finances better. While Fintech integration with Cloud has helped millions of customers with their banking needs, it has also enabled the banking staff to manage processes remotely and stay available to customers. Cloud-based self-service applications have helped banks deliver technology rapidly and will continue to add features that will help be in the customer’s good books forever.

4. Security Features

Increased security features like zero-trust verification and encrypted data have enhanced cloud security features in the Fintech sector. Dealing with security and data protection is of prime importance because Fintech primarily deals with customers’ sensitive data, which can be catastrophic if leaked. Legacy data centers are more prone to hacker attacks which can lead to the loss of crucial information in the bank that could be easily tackled with good cloud integration. Cloud offers end-to-end encryption and protects the information stored in cloud. This ensures banks maintain the confidentiality and data privacy promised to customers.

5. Secure Transactions

Integrating Cloud with FinTech ensures secure transactions and secure encrypted gateways where data breach is controlled. This also ensures a smooth customer experience since cloud has enabled payment gateways, digital wallets, and online fund transfers to be available to everyone at their fingertips securely. It has brought in a unified customer experience. Although there was some resistance initially for banks to move from legacy systems, now most of them have understood leveraging the cloud helps them reach the remotest of places and helps customers have a seamless and secure banking experience.

6. Data Management

FinTech does not just involve banks, but many insurance companies come under the FinTech sector. For banking and insurance, acquiring and working with data is one of the top priorities. Data is central to onboarding a customer, verifying identity, processing account management, checking balance, analyzing spending habits, etc. With Cloud, insurance companies and banks can gather and store large quantities of data securely and control access to it using Cloud User access. Cloud data management becomes hassle-free and eliminates the need for 24×7 IT resources since most can be automated and accessed from anywhere with proper user credentials.

7. Scalability & Flexibility

One of the most important advantages of cloud merging with FinTech is the scalability and flexibility the former can offer the latter. FinTechs are often rapidly growing platforms that need an infrastructure that matches their speed and eliminates unwanted barriers. Cloud enables scalability and saves cost by making the on-prem infrastructure investment redundant. It offers flexibility for these financial giants to manage their business from anywhere and allow employees and customers to access information from anywhere.

8. Agility

Cloud, an agile technology, allows financial companies to release products, upgrade software, deliver updates, adapt to new trends, and cater to market demands faster than legacy systems. With the cloud, adjusting strategy as per growing trends and catering to customers’ needs becomes possible faster because of the reliability and agility that this technology offers. The agility provided by Cloud has helped these financial giants to interact with customers, staff, and shareholders effectively and reduce costs while improving collaboration.

9. Generate Revenue

By adopting cloud, the Fintech industry can expand its horizons by reducing time to market and bringing in new products that are more flexible and customer-centric, thus generating more revenue and driving profits. When the customer experience is improved with process automation, AI, ML, and cloud-enabled agility to optimize products and services quickly and securely, it is bound to rake in big moolah for these financial institutions.

10. Partner Collaboration

Cloud integration has brought about new partner collaborations in terms of Buy Now Pay Later models to many businesses that were now dependent on card or cash-based payments. Cloud has successfully blended payment gateways with these Buy Now Pay Later applications, which means improved cash flows, sales, and business growth. Whether edtech, food delivery, or e-commerce, many of these platforms have tied up with digital lending platforms to facilitate credit availability, thereby harnessing new opportunities for partner collaboration. Such platforms can be a boon in any country, especially for people without credit histories, to help create a credit history.

From tailored insurance products, co-origin of loans, claims management, and personal finance management, leveraging cloud has allowed Fintechs to keep a close watch on the pulse of consumer financial behavior. This allows them to be more tech-driven. AL-Machine learning enables intuitive money management solutions to digitally savvy end users, thus creating a cloud-driven digital revolution in the financial world.

Further Reading: Read how Fintech & Financial Services companies leverage the cloud to drive innovation, scale, and reliability.With the 2nd culmination – the physical edition of the FinTech festival, we are expecting a big celebration of new ideas, technologies, brainstorming sessions filled with rich dialogues, productive engagements, and unlimited networking with the greatest minds from the world of Finance and technology. We are waiting to see the sparks of cloud illuminate the Fintech Sky at Pragati Maidan, New Delhi, soon.

Further Reading: Read how Fintech & Financial Services companies are leveraging cloud to drive innovation, scale and reliability.

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