Why Cloud is the Technology Enabler for Digital Transformation?
In Digital era, cloud computing help us on enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e.g., networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction.
We achieve so many things by adopting cloud on our environment.
1- Service is on-demand and able to scale up and down with near instant availability. Typically, here no forward planning forecast is required.
2- Do more with less: With cloud computing, We reduced the size of our own data centers, The reduction of the numbers of servers, the software cost, and the number of staff significantly reduced the IT costs without impacting an organization’s IT capabilities.
3- Flexible costs: The costs of cloud computing are much more flexible than traditional methods. More capacity can be provisioned for peak times and then de-provisioned when no longer needed. Traditional computing requires buying capacity sufficient for peak times and allowing it to sit idle the rest of the time.
4- Cloud computing is more cost effective: Because here companies don’t have to purchase equipment and build out and operate a data center, We don’t have to spend significant money on hardware, facilities, utilities and other aspects of operations.
5- Expenses can be quickly reduced: During times of recession or business cut-backs cloud computing offers a flexible cost structure, thereby limiting exposure.
6- Capital-expenditure free: It cuts our high cost of hardware. We can simply pay as we go and enjoy a subscription-based model.
The Cost Benefit of Cloud
Running business applications in the cloud means less maintenance, especially in comparison to on-premise solutions, as many subscription models include company-specific maintenance and support in addition to hosting. Investments to replace outdated hardware are also no longer necessary, as these are already included in the monthly fees and service agreements.
Unlocking Business Value
By partnering with a leading cloud provider , companies can accelerate business processes that were previously limited by the performance of their on-premise systems. In addition, they can swiftly replace outdated applications with new ones and make sure that different company locations with previously diverging software releases are all upgraded at the same time, reducing the overall complexity of their IT landscape.
Internet of things (IoT)
Mobile penetration in India currently is estimated to cover around 71 percent of the total population. Increasing internet usage on mobile, reduction in handset costs, introduction of low end smart phones has made mobile a convenient and cheaper channel. While all these reasons present tremendous opportunities for using mobile phones for service delivery. A large number of applications those used by broker(Capital Market), are already using mobile phones to authenticate their online users.
We believe new pocket of digital disruption emerging in the capital market space cant only provide efficient channels to customers, but also help explore more cost effective technologies for back-end operations and enhance customers experience with unexplored value adding services.
Digital KYC Process
Adopting Digitalization, increased new customer acquisition dramatically with Presence-less layer: The cost of client acquisition is high because the front-end is cumbersome, agent needs in-person verification for 'know your customer' (KYC), customer need to make a 'wet' signature. Now with the advent of Aadhaar- it allows to go paperless and with the upcoming UPI (unified payment interface) that allows interoperable mobile payments, enables customer to transfer the amount immediately. Thus, a business can on board a customer without the traditional front-end methods -the cost of acquiring a customer plunge dramatically. This increased the number of potential customers a business can target exponentially.
eKYC can now transform the Account opening experience like never before. Whenever we onboard new customer, strong KYC is mandate. But, in reality paper based KYC is expensive and error prone and time consuming. e-KYC offers a cost effective, secure, non-repudiable, paperless. e-KYC service enables a client having an Aadhaar number to share their demographic information and photograph with a UIDAI, secure, auditable manner with the client consent. The consent by the client can be given via a Biometric authentication or a One Time Password (OTP) authentication. Upon successful authentication and consent of the client, the UIDAI will provide the resident’s name, address, date of birth, gender, photograph, mobile number (if available), and email address (if available) to us electronically.
And we can onboard client for transaction within 10 minutes. Thus, customer acquisition will be high.
Trading On Move
Now a days everyone wants everything on fingertips. The growing demand for, and use of mobile devices in the capital markets is increased drastic. With this user can trade conveniently on the go and Stay on top of the stock market, User will use single application for multiple purpose. User can use same application for trade on equity+ derivative, commodities , Mutual fund and view their portfolio and backoffice report, lots of API are integrated to provide single platform to client to have better experience and convenient.