| |March 20208By Praveen T M, CEO, Opus ConsultingT he shift in the relationship between consumers and the digital world has resulted in an era of digital transformation and innovation, which businesses are trying to keep up with. For the last decade, or-ganizations have steadily been building infrastruc-ture for the future and financial institutions have been the pioneers in this digitalization journey. With the rising penetration of the internet in regions across the world, the inter-net and its connected devices are replacing the traditional forms of financial transactions. Businesses have been leveraging technol-ogy to provide users an integrated experience, which offers flexi-bility and accessibility. These developments have created a com-petitive and agile technology space, which is also more organized and inclusive. This trend has given rise to a user base, which constantly ex-pects newer digital experiences. The public is making higher de-mands on business, and particularly on banking tools. Change has been looming large and the tools that have been used for decades are no longer, relevant. Interestingly, this change is being driven by the customers, rather than the companies. Expert OpinionMOVING DIGITAL PAYMENTS TO THE CLOUD: THE MODERN ERA OF TRANSFORMATIONPraveen is a customer-centric, goal-oriented chief executive with diverse leadership experience, gained from the general manager, sales, strategy, finance, and operations roles.Moving Payments to the CloudIn the financial sector, institutions that have moved to the Cloud have become the leaders of the pack. The Cloud is everywhere and is an extremely pow-erful technology that uses innovation to help businesses expand their reach. The customer is king and businesses which sensed the growing demand for technological innovation adopted the Cloud in their business models and op-erations. This helped these companies work smarter, at a lower operating cost. Cloud computing can be deployed and integrated easily and results in a dras-tic reduction in the time and effort put in by the user. According to a recent study, almost 70 percent of businesses are already using Cloud technology in one capacity or another, and nearly 20 percent claim that they plan to imple-ment Cloud-computing solutions in the near future. The Cloud is far beyond its days of being something to fear and is rapidly finding its way into all the different aspects of the operations of a business.
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