PARTNER CONTENT
THE POWER OF THREE:
APIs, eventing and analytics take cloud higher K. R. Venkatraman VP, Head of Product Architecture, Infosys Finacle, talks about how a confluence of modern technologies can power the next wave of cloud advancement
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loud is one of, if not the most important tools of transformation in the digital world. Over the years, it has proved its worth by enabling agile delivery, providing compute on demand, transitioning infrastructure costs from Capex to Opex, and in the specific context of banking, enabling financial institutions to evolve from consuming infrastructure-as-a-service to providing banking-as-a-service. Also, from a technology standpoint, platform-as-aservice models have been influential in changing the technology-cum-business focus of banking IT to a pure-play digital and domain focus by relieving banks of the responsibility of managing their IT infrastructure.
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K. R. Venkatraman, VP, Head of Product Architecture, Infosys Finacle
Banking and Finance news in the MEA market
Meanwhile, digital technologies have progressed rapidly to achieve unprecedented levels of adoption. A great example is how these technologies have supported the proliferation of UPI payments in India, which crossed 4.6 billion transactions in January 2022 1. While none of this would have been possible without cloud, traditional cloud technologies alone can no longer sustain this kind of growth. So now it is time for enterprises to take cloud (and cloud-led transformation) to the next level. From a technology perspective, three cloud-complementary technologies, namely APIs, event-driven architecture and data analytics, are crucial to this agenda. APIs: APIs are valuable because being standards-based, they are easily governable from an access point of view, and easy to support from a data transformation point of view. The availability of standardized frameworks around the API model is a crucial factor in delivering data at scale and driving innovation on cloud. The best way to understand this is by looking at successful implementations.
