Rohit Arora, co-founder and CEO, Biz2X, a global Software-as-a-Service (SaaS) platform, shares his views on how technologies, such as blockchain, Internet of Things (IoT), cloud computing, among others, are driving technological innovations, besides the importance of the digital landscape’s sustainability for the global financial ecosystem with FE TransformX, in this latest piece of the ‘Block-the-Talk’ series. (Edited Excerpts)
- What are the three best practices that people today should follow when it comes to blockchain usage?
I believe embracing blockchain requires strategic adherence to practices. Firstly, one should prioritise security through implementing encryption and multi-factor authentication to safeguard transactions and data. Secondly, one should ensure transparency by leveraging blockchain’s traceability to enhance accountability and foster user trust. Lastly, one should collaborate for scalability to engage in industry-wide partnerships and interoperability to unleash the potential of blockchain, ensuring integration across platforms such as LOS, LMS, and CMS. These practices can not only fortify financial operations but also contribute to the evolution of a financial ecosystem.
- How do you think Artificial Intelligence (AI) is doing, in terms of dictating market trends and other scenarios?
In the realm of financial technology, AI is expected to serve as a game-changer. Firstly, AI can analyse datasets, extract insights and predict market trends with accuracy. Secondly, it can enhance customer experiences through personalised services, driving user engagement and loyalty. Thirdly, in risk management, AI algorithms can detect anomalies and mitigate threats, bolstering the security of platforms. However, the responsible deployment of AI is considered crucial to mitigate ethical concerns. By aligning technological innovation with ethical considerations, one can harness AI’s full potential to shape market trends and foster a financial landscape.
- What are the important business cases that have found their way into cloud computing? Going forward, what else can one expect from the technology?
In the financial technology landscape, I think cloud computing has catalysed business cases. Firstly, cost efficiency is believed to be paramount, with cloud platforms allowing scalability and resource optimisation. Secondly, data security and compliance are strengthened through encryption and access controls. Additionally, cloud-based LOS, LMS, and CMS platforms can offer flexibility, enabling collaboration and remote access. Looking ahead, the evolution of cloud computing will likely focus on enhancing AI integration, fostering real-time analytics, and further fortifying cybersecurity measures. The convergence of cloud technology with emerging trends such as edge computing and blockchain aims to promise an ecosystem marked by agility, innovation, and resilience, shaping the future landscape of fintech.
- With regards to robotics, IoT, and other technologies, what are the ethical considerations that should be taken into account?
As we navigate the integration of robotics, IoT, and other cutting-edge technologies into fintech platforms, ethical considerations seem to take centre stage. Firstly, data privacy is paramount, necessitating measures to safeguard financial information. Secondly, transparency is held crucial in algorithmic decision-making to avoid biases and ensure fairness. Thirdly, addressing job displacement concerns due to automation should require workforce planning and upskilling initiatives. Moreover, fostering security in IoT devices to prevent cyber threats is considered imperative.
- Going forward, what role do you think will the above-mentioned technologies play in ensuring the future of the digital landscape, especially in terms of cybersecurity?
As we propel into the digital future, platforms such as LOS, LMS, and CMS should play a role in shaping the financial landscape. Robotics, IoT, and other advancements are poised to enhance operational efficiency, elevate user experiences, and drive innovation. However, the integration of these technologies can heighten cybersecurity concerns. I believe measures are essential, leveraging AI for real-time threat detection, blockchain for transactions, and encryption protocols. Future success in fintech should hinge on a balance between technological advancements and cybersecurity diligence. By championing these innovations, one can ensure a digital ecosystem, safeguarding the trust and confidence of users in a financial landscape.
