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Impact Of Increasing Digital Foot Prints

Amit Gainda, CEO, Avanse Financial Services Ltd

Avanse financial services is one of India’s fastest growing education finance company committed to facilitating and fulfilling academic dreams of talented young students. The company provides financial assistance through Avanse standalone offices and also through the DHFL network offices.
Customer and Customer Services should be at the fulcrum of any organization. Digital enablement and paperlite process is the key for providing better customer services, agility and faster turn-around time(TAT). Customers today have lot of options with digital enablement and internet at their disposal. Customers are availing loans to fulfil their needs. There are customers who are taking loans for the first time and have no credit history(New to Credit). Technological advancement, Artificial Intelligence and machine language have enabled straight through processing of loan using credit Bureau data and alternate data from different sources namely SMS, Mobile App usage behaviour, social footprint, etc. Score cards are being built with Bureau data and alternate data due to advancement in technology and focus from startups. Basis this technological advancement, decisions on loan processing is taken in seconds and straight through processing is a reality today with disbursal in customer account in minutes.

Ever-evolving technologies are transforming the way Data Centres(DC)operates. Most organizations have already invested heavily in Data Centres. They are transforming by way of introduction of virtualization of servers, network and storage in their DCs.

New product launches and innovation would require agility in deployment; since traditional DCs are at a disadvantage owing to the new server’s requirement and lead time in procurement and deployment. Cloud Technology comes to advantage at such times where server requirements can be met in a matter of hours and with a variable pay per use model. Cloud services are available as IaaS or SaaS or PaaS, private/public/hybrid. Debate on public v/s private cloud is never ending. Scalability, elasticity, agility are some of the advantages of the public cloud model. However, compliance concerns due to the multi-tenant structure and limitations on national boundaries could encourage organizations to opt for a private cloud model. A Private cloud model provides single tenancy and all the advantages of a cloud model. This is unlike a Public cloud model whose demand for peak loads and instant server requirements may pose several constraints. Therefore, a mix of business requirement in terms of the business growth, scalability and already invested dollars in DC along with the security and compliance needs would be a driving factor for choosing the right option.

"With The Increase In Digital Footprint And The Rise In Digital Payment Transactions, Concerns Around Data Security And The Risk Of Cyber-Attacks Also Increases"

With the increase in digital footprint and the rise in digital payment transactions, concerns around data security and the risk of cyber-attacks also increases. It is essential to handle and manage these situations appropriately.

Following simple questions needs to be answered from the security point of view:

1. Do we know what is connected to our network and systems?
2. Do we know what software is running on our systems and networks?
3. Are we continuously maintaining our systems using ‘known good’ configurations?
4. Are we continuously looking for and managing ‘known bad’ Software?
5. Do we limit and track the people who have administrative privileges to change, bypass or over-ride our security settings?

The answer to these questions in terms of ‘Count’, ‘Configure’,‘Control’,‘Patch’ and ‘Repeat’ will ensure security controls and effective management.

Technological advancement, Artificial Intelligence and Machine Language have enabled companies to leverage new technologies and align this over the legacy system. Companies adapting to customer needs and digital transformation will remain in the race for future growth. This will require a renewed mind-set and culture changes to adapt to the evolving needs of the customers. It will also be important to work with new start-ups that provide promising, cutting edge technological solutions to every requirement.

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