Edge Computing in Banking

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Edge Computing in Banking

As every enterprise is addressing their scale and operational efficiency by leveraging the flexibility and immense on demand scalability offered by cloud providers, companies dealing with finance especially banking has suffered the hurdle of cloud adoption due to the obvious reason of customer data security. 

Data Privacy

While every cloud provider touts their services to be best in class there is always the concern of vulnerabilities offsetting the advantages that cloud adoption provides.

While stricter statutory guidelines and meticulous VAPT measures are a given in Banking application these do tend to be insufficient most times. The result being resistance to adoption of latest innovations such as computer vision, natural language processing, cognitive services etc. The technology world is fast changing and the delay in adoption of latest in technology trends such as artificial intelligence and machine learning puts customers at a disadvantage. Today when there are over 448 million users (2020 Statista) just in India, financial institutions especially banking are well aware of the need to adopt innovative customer offerings.

As more and more Indians are moving to towards financial inclusion, there is no way to address the needs of every customer but to use technological solutions. Use of containers for applications have given the benefit and flexibility of deploying the technologies to devices which are not just large scale servers but commodity hardwares which are available near to user.

What is Edge computing?

Gartner has defined edge computing as 
“Edge computing is part of a distributed computing topology where information processing is located close to the edge, where things and people produce or consume that information.

Edge Computing use cases

The need for data security and data privacy puts the requirement of keep sensitive private information within the local device, this is already being done partly by devices storing facial recognition data within the user’s device. IoT devices can also use the same edge computing strategy to keep the information local allowing distributed workloads as well as data privacy.

The devices themselves are now user aware and are able to provide tremendous improvement in user experience. Kiosks and Robots deployed in key touch points not just bank branches can continue to be of assistance to customers to guide them through options and help when transacting with businesses and retail outlets.

The e-commerce boom has clearly created a roadmap for faster adoption of intelligent systems to be of help for consumers to help them benefit from various finance options while shopping as well as providing cost saving options to improve their credit position. A personal finance assistant when is available in the device to help users make wise choices, it becomes a win win for both consumer as well as banks for providing a non-intrusive user experience.

Hyper-converged edge computing

High density compute and storage along with integrated hardware and software stacks enabling applications to be deployed at edge and more efficiently process the huge data that are generated by IoT devices and smart sensors. 

Hyper-converged edge computing reduces network strain by making it possible to send only the most valuable and relevant data to the central remote data center or cloud. Utilizing hyper-convergence at the edge also makes data processing and analysis most efficient.

5G and Edge Computing in Finance

As 5G adoption is just round the corner and not to be the late entrants into the next wave of technology evolution banking should be at forefront and pioneers in leveraging the next technology leap. As faster rates of data transfers are made available, the user experience getting real time support and assisted transactions should be the thing to watch out for. Every finance institution is going to bet big on this data revolution and 5G is set to change the financial industry’s landscape.

Summary

Edge computing along with hyper convergence and 5G is the future of data revolution. User experience and greater adoption of technology will result in higher customer acquisition. Round the clock financial services can be brought to the door step of people with highest data security and privacy with edge computing.

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