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 a period of 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 took 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 a great platform in 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 as well as 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 has provided a great opportunity for industry leaders as well as businesses to understand new-age technologies and merging 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 was spread across 8 months, 10 conferences with more than 160+ speakers and 500+ attendees worldwide:
FinTech – Finance+Technology is undergoing a profound transformation. Fintech allowed users to get financial services at their fingertips. It allowed them to get better solutions that are more in tune with their lifestyle. The recent advancements of leveraging cloud has reshaped FinTech like never before. It has allowed to connect with users directly which was most essential during the pandemic. It provides a multi-channel relationship with customers and provide a 360 degree aspect of service.
Cloud merged with FinTech allows to maintain customer relations anywhere and anytime. One of the major advantages of using Cloud in Fintech in the 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 now become easier with cloud fintech for both bankers and customers. Evolution of cloud computing has enabled banks to focus more on the customer-centric model and digitalising investments, trading, 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 and allows both banks and customers to manage finances better. While Fintech integration with Cloud has helped millions of customers for 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 definitely helped banks to deliver technology at a rapid pace 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 largely deals with sensitive data of the customers which if leaked can be catastrophic. Legacy data centres are more prone to hackers attacks which can lead to loss of crucial information in the bank that could be easily tackled with a good cloud integration. Cloud offers end-to-end encryption and protect 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, secure gateways that are encrypted where data breach is controlled. This also ensures smooth customer experience since cloud has enabled payment gateways, digital wallets, online fund transfers 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 cloud helps them reach the remotest of the places and helps customers have a seamless and secure banking experience.
6. Data Management
FinTech not just involved banks, but a large number of insurance companies come under the FinTech sector. For both banking and insurance, acquiring and working with data is one of the topmost priorities. Right from onboarding a customer, verifying identity, processing account management, checking balance, analysing spending habits etc, data is at the centre of this. With Cloud, insurance companies and banks can gather as well as store large quantities of data in a secure way and control access to it using Cloud User access. Data management with cloud becomes hassle free and eliminates the need for a 24×7 IT resources since most of them 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 that the former can offer to latter. FinTechs are often rapidly growing platforms that needs an infrastructure that can match up to its speed and eliminate any unwanted barriers. Cloud enables scalability easily 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.
Cloud being an agile technology allows financial companies to release products, upgrade software, deliver updates, adapt to meet new trends and cater to market demands faster than legacy systems. With cloud, adjusting strategy as per growing trends and catering to customers needs becomes possible in a faster time because of the reliability and agility that this technology has to offer. The agility provided by Cloud has definitely helped these financial giants to interact with customers, staff, shareholders effectively and reduce costs while improving collaboration.
9. Generate Revenue
By adopting cloud, Fintech industry can expand horizons by reducing time to market and bringing in new products that is more flexible and customer centric this generating more revenue and drive profits. When the customer experience is improved with process automation, AI, ML and cloud enables agility to optimise products and services quickly as well as 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 which were until now dependant on card or cash-based payments. Cloud has successfully blended payment gateways with these Buy Now Pay Later applications which means there is improved cash flows, sales and business growth. Be it edtech, food delivery, e-commerce many of these platforms have tied up with digital pending platforms to facilitate credit availability thereby harnessing new opportunities for partner collaboration. Such platforms can be boon in any country specially for people without credit histories to help create a credit history.
From tailored insurance products, co-origin of loans, claims managements, personal finance management, leveraging cloud has allowed Fintechs to keep a close watch on the pulse of consumer financial behaviour. This is allowing them to give 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.
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.