Financial Technology 3.0
Advent of cloud computing, virtualization, mobility and social computing paradigms have enabled newer definitions for the entire financial technology space.FT 3.0 is all about reaching the unreached. It is more about being inclusive and leveraging the un-tapped lower strata of the pyramid which is more dynamic in both consumption and spending.
Existing financial solutions across the BFSI segment are gearing up to be SaaS enabled, Cloud deployable and handset capable solutions. Micro finance systems combined with m-commerce transactions will slowly push banking services to be as dynamic as it can be.
Per Day Banking – A new Disruption
What I visualize will be a day where entire unit of transactions that a consumer does inside the financial ecosystem will be per day. Rapid adoptions of pay per use services will change the revenue streams of financial institutions. M-Wallet transactions will replace the serpentine queues at ATMS (like how ATM’s took over typical visits to Bank). Virtual currencies will move from being inside a social gaming platform to real world usage and applications. Exchange rates will be more centralized, common currencies and centralized trading platforms breaking barriers of economic adoption will erupt.
Service Delivery framework for inclusive financial services
Effective delivery frameworks that encompasses continuous integration of activity streams that arrive out of different technological convergences is very vital for FT3.0 to fully provide all that it can. Compelling return on investments, reduced carbon foot print and more- per single transaction are the key aspects that will define the results that ft3.0 can deliver.
Eg In India, Banking institutions for example are seeing an increased mandate to promote inclusive development and tap into rural, semi urban and untapped market, consumer spaces. Currently available banking solutions and frameworks may not /cannot cater to such a customer base unless they leverage the adoption of new age technologies that constitute FT3.0. A framework that can solve such a problem, catering to billions of people in India, can easily replicate itself successfully for Global markets with required customization.
Shared common Framework for Financial Institutions:
A potentially fool proof framework that needs to be envisaged is a Shared common framework that can leverage the power of cloud computing.
A shared common framework helps large number of banks to take advantage of shared infrastructure and resources, rather than each making its/their own investment. This model offers economies of scale to customers enabling banks to eliminate upfront high capital costs through sharing of application services.
This results in reduction of significant capital outlays as it will lead to a totally new and radical transparent monthly pricing model. Such a solution built on a shared common framework will catalyze efficiency in operations, provide greater compliance and risk management, enhance customer satisfaction and integrate more banks and financial institutions into main stream banking and financial activity.
Conclusion :
FT3.0 is the way forward. It will certainly be beyond boundaries. It will certainly be disruptive. Imaginea is at the fore front of this innovation. Partner with us and stay ahead.
My other Blogs relevant to the topic:
http://blog.imaginea.com/financial-industries-and-cloud-services-trends-and-innovations/
http://blog.imaginea.com/new-age-banking-is-all-about-being-social-and-cloud-enabled/
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