Dominic Vijay Kumar is a laser focused, progressive, results driven, technology leader and specialist, who has robust experience in designing, implementing and supporting IT services operations and infrastructures.

In last decade, Banks and NBFC and off late HFC have observed transformation of NBFC and HFC experience end customers led by Information Technology(IT) enabled solution and services such as Core Banking, Internet Banking, Mobile Banking, Wallet, Cards and Kiosk Banking. Both banks and their customers are benefitted by the evolution of IT in NBFC and HFC sector. Today customer has a choice to choose the between bank /NBFC/HFC for their needs. The business models of Banks/NBFC are now oriented around achieving customer delight through IT enabled solutions and services.

A big slice of Banks/NBFC/ HFC's annual budget is now being allocated to their IT department. To meet the demand of regulatory and customer satisfaction Banks/NBFC/HFCs need to spend more on procuring and maintaining IT Solutions, IT hardware, system software and Networking. Banks/NBFC/HFC's with lesser financial background find difficulties to meet the desire level of IT Implementation due to higher capital expenditures.

Cloud computing can help Banks/NBFC/ HFC's to lower the capital investment in IT infrastructure. Cloud computing converts’ big capital expense into smaller operational expenses. Worldwide not only smaller Banks/NBFC/ HFC's but larger Banks/NBFC/HFC's too are now perceiving vision to adopt cloud based IT solutions to control the expenses on IT infrastructure.

Cloud technology enables banks to adopt a new model at lower cost for delivering innovative channels, reduced TAT to market new offering, meeting customer expectation and comply regulatory guidelines. Cloud based solutions deliver a higher value proposition of IT solutions and services in rapidly changing technical paradigms.

In cloud computing, system admin can remotely assemble install, configure and deploy virtual resources to run the business solution. Moreover cloud IT infrastructure can be expanded or reduced at any time based on the expected utilization and requirement without any astonishing financial burden.

In India, the newly licenses Small Finance Banks and Payment Banks are proactively embracing cloud computing for their core solutions. It is not only helping them to reduce the capital expenses to start the business but also aiding flexibility to scale the infrastructure in future based on the growth of the business.

There are lots fintech's which are offering its core banking and lending solution, financial inclusion, KYC and other surround solution on cloud. Cooperative Banks, UCBs, PACS, Credit Societies and NBFC can use these cloud based solution and reap the benefit of cloud computing.

In the next five years we will see all users authenticate themselves with aadhaar and sign agreements with esigns. Upi 2.0 will automate payments and remove the need for physically signed cheques

Fintech and Cloud Service providers empower businesses by accelerating innovation, and providing business agility while optimizing costs. Comprehending the constant need to experiment and innovate.

All Cloud providers and developers across Software-as-a-Service(SaaS)for enabling customer to leverage the benefits of Cloud.

Off late we have Infra AAS/PAAS where the lender need not invest on the platform service also. He has to just send request the cloud provider to allot the required technology platform which is ready in few hrs. or mins.

Every cloud provider like AWS /Microsoft/CtrlS/ Net magic/TCL and new players like Ali baba are setting up there data center with-in India to meet the regulatory norms which is issued by the concerned governing bodies which come under government of India. Though its a debatable issues of the data security of the clients hosted on cloud but major players moving to the cloud infra has built confidence in the NBFC and HFC sectors to adopt the method of moving to cloud.

The Government of Indiawith its dream of digitalization innovation across all the sectors has given the boost to the cyber security as a main factor to protect our data from any kind of attacks.

Cloud Computing Will Help BanksTo Meet The Following Business Challenges:
Pricey IT Infrastructure
Cloud computing converts Capital Cost into Periodical Operational Cost thus regulate cash outflow

Cost of Regulatory Compliance
Banks/NBFC/HFCs can afford the required solutions at lower cost in "Software as a Service" model to comply the regulatory requirements.
Capital

Inadequacy
Cutting down capital investment on IT infrastructure will reduce the capital inadequacy of the Banks/NBFC/ HFC‘s

Market Competition/Business Growth
Banks/NBFC/ HFC‘s can save 3Ms(Man, Minutes and Money) by implementing cloud computing and utilize these in new business opportunities

Risk Mitigations
NBFC and HFC’s on cloud computing are better prepared to economic uncertainties, environmental changes and shift of customer expectations