The past two years have been daunting for people from all walks of life, as the COVID-19 pandemic damaged the world like never before. But like every coin has two sides, the positive outcome was a new life for the data economy, with big and small organisations shifting to online and adopting data cloud platforms.
India's digital transformation is expected to be worth US$1 trillion by 2025. But while data technology continues to grow, its pace is stifled by legacy and cloud solutions that silo data across enterprises.
In collaboration with Snowflake, Forbes India presents 'Reimagining enterprises with data cloud'. In a session moderated by Manu Balachandran, speakers Shiv Kumar Bhasin, Group Chief Technology and Operations Officer at the National Stock Exchange (NSE), and Vimal Venkatram, MD at Snowflake India, discuss how the Data Cloud is transforming the financial services industry.
In today's digital world, financial services providers are under pressure to meet shifting regulatory requirements, scale digital platforms, and innovate against emerging competitors while navigating an increasingly growing and complex data landscape.
While speaking on how the data cloud is transforming the banking and financial services industry, Vimal said, "Today, data is the fuel of the financial services industry, powering everything from retail banking transactions, insurance claims to online payments. As a result, the financial services industry is one of those sectors that has invested heavily on technology platforms, from data management, data integration solutions, cloud infrastructure solutions, application modernisation, and more.
However, financial institutions are challenged with leveraging this massive volume of information at their disposal to gain insights and improve decision-making due to data silos and legacy systems.
"By utilising Cloud platforms like Snowflake, financial sectors can gain performance, simplicity, flexibility, and concurrency needed to leverage, and monetise vast amounts of valuable untapped data, " he added.
Discussing data strategy and how NSE leverages cloud data to accelerate its growth, Shiv Kumar Bhasin said, "Data is key for the stock markets, since the 90s when stock exchanges digitised and converted themselves from floor to electronic trading. Over time, the growth of the capital markets has been exponentially very high. Despite this high growth, we only have 2% of the bankable population participating in the capital markets."
"Over 2 to 3 Petabytes of data has been generated since the mid-90s. To monetise this high volume of data, we plan to leverage data cloud solutions. For instance, earlier, we would provide researchers with data based on offline requests. But, since last year, the entire process is online and cloud-hosted where people can apply for the request, and it's provided in real-time without compromising data security, " he added.
The Snowflake Data Cloud has revolutionised the financial services industry, delivering better customer experience. Continuing on this note, Vimal shared his views and said, "Financial institutions today are embarking on digital transformation journeys migrating to the cloud for a competitive edge. It allows them to comply with a highly fragmented global regulatory standard. With Snowflake, organisations provide better customer experience through personalised services, advanced data analytics, and preparing for future challenges."
Amidst this digital transformation, using the data cloud to innovate, Shiv Kumar said, "We have various MIS. We are looking at how these various organisations can have their data repositories on a single cloud platform, which is enabled through Snowflake."
Do data organisations securely share data? How can enterprises break down internal department silos to navigate this complex data landscape? Digital transformation and leveraging the data cloud are the key.
Watch the full episode to know more here: https://youtu.be/faoZoMpTdF8The pages slugged ‘Brand Connect’ are equivalent to advertisements and are not written and produced by Forbes India journalists.