How FinTech Is Seeing A Major Growth in India

With a population of more than a billion, India is definitely a promising sector for the FinTech. Before we move ahead, let us first explain what FinTech is. In simple terms, FinTech is the industry that comprises of the companies that use the technology to offer financial services. These companies work in different areas of finance management, insurance, electronic payments etc.

In the past decade, FinTech has taken over globally and is expected to rise in the future as well. India isn’t behind in this global trend. With over half a billion invested in the Indian FinTech over the last three years, the segment only shoes promising future of growth.

In 2015, around 12,000 FinTech came up globally making up the total investment of $19 billion. It is expected that by 2020, the global investment by FinTech will be $45 billion, which is a steep rise of 7.1%. According to the NASSCOM reports, India has around 400 FinTech companies with the investment of around $420 million. Reports also suggest that by year 2020, the investment of the FinTech companies in India will increase to $2.4 billion.

With the help of government regulations, banks and other financial companies, India has formed a favorable ecosystem for the growth of FinTech. FinTech is helping bring about the change in the personal financial management through e-payments and e-wallets, in the country that is predominantly cash- driven.

Number of reason contributes towards the growth of Financial Technology in India. The number of internet users in India reached to 465 million in June 2017. With more and more number of people depending on the internet for varied reasons, the digitalisation has taken a new turn. Government’s effort in bringing the digital revolution through ‘Digital India’ campaign is opening many opportunities for the existing FinTechs and start-ups.

Government Regulations:
Government has realised the potential of Financial Technology in India and is constantly making efforts to make the regulations friendlier. In 2014, government relaxed the rule of KYC process for customers making online transactions and payments up to Rs 20,000 per month. It is expected that the government will lay out new set of norms to revamp the P2P lending market.

To promote cashless transactions, government is now offering tax rebates to the merchants for accepting at least 50% of electronic payment.

‘Jan Dhan Yojana’ aims at providing a bank account to every citizen of India. Since the launch of the scheme in 2014, 240 million bank accounts have been opened. FinTech start-ups can use the opportunities to provide easy and seamless transaction service.

Incubator and Accelerators:
The role of incubators and accelerators are not limited to funding but also strengthening the financial industry. The incubators provide the obligation free environment for the start-ups. India is among the top five countries that show promising results for the start-ups. The initiatives ‘smart city’ and ‘digital India’ are set to strengthen the technological infrastructure of the country. To show the support to FinTech start-ups, banks and financial institutes have partnered with incubators and accelerators.

Tips to Computer Maintenance to Keep the Device Functioning

A very few things can make your laptop or computer worse. Things that may take a day can result in frustration of weeks to get things working. This is because the operating systems also take time to recognize changes and there is a need to install the updates. Sometimes, disconnecting is really bad that there may be a need to nuke effectively and begin a clean install as fresh.

The common maintenance issues with the computer may be avoided with the maintenance computer tips. It is vital to keep the computer in top condition. There is a need for regular device maintenance and smooth running of node, so that unauthorized intrusions such as viruses may be kept away. Here are the tips to keep your laptop or computer running optimally:

Tips for Computer maintenance software includes:

Check regularly for updates from manufacturers and ensure proper installation. If you leave them ignored, you computer is available for hacks, especially as it is connected online. Set a monthly or weekly schedule to ascertain operating systems are up-to-date.
Run reports of network system to identify any data abnormal activity. Automate the system reports so that the backing up process also sends a report daily, telling you a recent file updates.
Update IT policies and office as the technologies keep changing and remind the coworkers to follow. Replacing or update of software is best done as a timely manner. Failure to update leaves the PC open to hackers and virus-writers to take advantage. Update the firewall and virus definitions to work with intrusions. Use the online backup tools for recovery and data preservation regularly.

Tips for Computer maintenance for hardware include:

Give regular cleaning by dusting the keyboards. Keep the dirt and dust away so that the power unit and the fan do not get stuck. Use a compressed air spray for dust cleaning.
Ensure proper hardware is used. Network slowdown may happen over time on using outdated equipment. Always keep your hardware in a dry, secure area to prevent data loss or damage disasters such as breach or flood.
Keep adequate free disk space. This is because if the disk space is full, the performance is slow or it may freeze, creating user interruptions. Free up space and move to cloud backup account the archived files. Disconnect unauthorized hardware and ensure necessary firewall protects the administration and enjoy unimpeded access to exposed network.

The Pros and Cons of DBaaS-Database As a Service

DBaaS enables you to test drive multiple solutions and only buy the licenses and hardware you need to be successful.

Almost every business these days is data-centered. Whether the data is for internal applications and systems, or for other services that are offered, let’s face it…

Managing data is a key to success.

Before listing the pros and cons of DBaaS, we need to explore a few decisions businesses have to make.

These include numerous quick decisions about data handling that can set them on a path that, if incorrect, are difficult and costly to correct. Those decisions are:

· What database type to use, SQL or NoSQL?

· What are the data storage and query needs? Transactional? Big Data?

· What database system to use? A few SQL choices might be Oracle, MySQL, MSSQL, and Sybase. A few No-SQL choices might be MongoDB or Cassandra.

· Do we have DBA (database administrator) talent or do we have to hire?

· What kind of server or resources are needed? What are my power, server, disk, processing, network, and IO requirements?

· How do I maintain, backup, administer and otherwise own the database framework?

· What is my cost of ownership?

First let’s explore which database type to use, SQL or NoSQL.

Traditional database types classified as SQL have a significant place in businesses and are a mainstay for business choices. However, as companies start to create applications that drive decisions based on significant database analysis of large, almost unfathomable amounts of data, they migrate to NoSQL solutions like MongoDB or Cassandra.

The architecture of NoSQL makes it a good choice for big data solutions while the built in protections of a transactional based system like Oracle make it a better choice for banking or similar solutions.

When it comes to picking a specific system, businesses tend to stick with what they know. In other words, if they already have Oracle, and Oracle talent, then when management asks those individuals which database system they should use on Project X, it should be no surprise that they pick Oracle.

Matching a specific database system to a set of business requirements is an arduous task that should always be looked at with a fresh perspective. It should not just be based on what talent is already employed or what systems a business is comfortable with.

Let’s face it, if a business picks correctly, all is good. If they pick incorrectly, they have wasted a lot of resources which equates to dollars. Enter DBaaS.

Where DBaaS excels is that it gives businesses the ability to test the waters a bit, to try before they invest heavily.

DBaaS acts as a stepping stone to total ownership, a cost effective solution to help you figure out your needs prior to investing heavily.

DBaaS has both pros and cons.

First, it is necessary to distinguish between “hosting database systems” and DBaaS.

There are many cloud based solutions that “host” a database system but provide no significant help in configuration, tuning, consulting, and providing the talent needed to actually use those systems.

True DBaaS provides both the system and the talent to help you utilize the database and determine how to store, query, and analyze your data. The value of DBaaS goes way beyond the hosting.

The pros of DBaaS include:

· No equipment or software licenses.

· Flexibility. Multiple choices are available to test drive your applications and pick the right platform for your business requirements.

· Significantly less staffing requirements. The DBaaS provider handles installation, configuration, and in many cases development.

· Offsite hosting, providing protection from local power failures or disasters. Many businesses design their system with power redundancy in mind, but, in reality, rarely meet those goals.

· SLA agreements that have redundancy, uptime, and backup protections. A DBaaS provider has intent focus on protecting your data.

Meantime the cons of DBaaS include:

· Limited access to underlying servers. This can present itself as a feeling of no control.

· Very little knowledge of how your data is protected from cyber security threats. This can be dangerous for sensitive data.

So how do you decide? Is there a transition from one to the other? Yes, almost always, but by following a few guidelines to start with, DBaaS can be used properly.

Those who wish to use DBaaS should adhere to the following guidelines:

1. Do all development using DBaaS. This is your chance to test drive different architectures and features.

2. Unless you have full disclosure of how your data is protected, managed, and secured by DBaaS providers, it is suggested to consult with database architects to host sensitive data internally. Note, this is typically not big data. When we use the terms sensitive data, we mean just that. Data like SSNs, account details, financials, personal data, etc. Does this mean that you cannot use DBaaS for this? No, it means that you first have to find a DBaaS provider that will show you everything from how your encrypted data gets in their system to storage, access, etc.

3. When you are not sure of what your database needs really are, use DBaaS first. This lets you try SQL or NoSQL. This lets you explore the encryption capabilities of Oracle versus MySQL. Think of DBaaS like buying a car. You test drive sedans, trucks, and SUVs, and try different manufacturers and features. You may decide to lease or buy.

4. Always monitor and evaluate the cost of ownership. As your system grows, the operating costs might make sense to drop DBaaS and build an in-house system. By then, however, you have already decided on what you really need.

The goal with DBaaS is to test drive multiple solutions and only buy the licenses and hardware you need to be successful. You can then hire the correct talent to manage your system.

David Moye is a Principal with Forensic IT in St. Louis, MO, a firm providing big data solutions to companies nationwide. David helped found Forensic IT in 2003 and has some 25 plus years of experience as a software engineer and solution architect. Along with at least a half a dozen core programming languages, he is a certified DBA in Oracle and Sybase and has spent years working with MS-SQL and MySql.