Top Announcements of AWS re:Invent 2022

Amazon Security Lake is a purpose-built service that automates the central management of security data sources into a purpose-built data lake stored in the account. This service helps security teams to analyze security data easily and have a complete understanding of the organization’s security posture. Security Lake has adopted the Open Cybersecurity Schema Framework (OCSF), an open standard that helps to normalize and combine the security data from various data sources including on-prem infrastructure, Firewalls, AWS CloudTrail, Amazon Route53, Amazon VPC Flow Logs, etc… Amazon Security Lake supports integrating data sources from third-party security solutions and custom data that has OCSF security data.

AWS Application Composer is a new AWS service that helps developers simplify and accelerate architecting, configuring, and building serverless applications. Users can visually compose serverless applications using AWS services with little guesswork. AWS Application Composer’s browser-based visual canvas supports the drag and drop of AWS services, establishing connectivity between them to form an application architecture comprising multiple AWS services. This service aids Developers in overcoming the challenges of configuring various AWS services and from writing IaC to deploying the application. AWS Application Composer maintains the visual representation of the application architecture in sync with the IaC, in real-time.

Amazon Inspector Now Scans AWS Lambda Functions for Vulnerabilities: Amazon Inspector, a vulnerability management service that continually scans workloads across Amazon Elastic Compute Cloud (Amazon EC2) instances & container images in Amazon Elastic Container Registry (Amazon ECR) now supports scanning AWS Lambda functions and Lambda layers. Customers who had to assess the lambda functions against common vulnerabilities had to use AWS and third-party tools. This increased the complexity of keeping all their workloads secure. As new vulnerabilities can appear at any time, it is very important for the security of your applications that the workloads are continuously monitored and rescanned in near real-time as new vulnerabilities are published.

AWS Clean Rooms: Helping companies bring in data from different environments, AWS Clean Rooms lets firms securely analyze and collaborate on data sets without sharing possibly insecure information, helping firms better understand their own customers and allow joint data analysis.

Amazon Redshift Streaming Ingestion with this new capability, Amazon Redshift can natively ingest hundreds of megabytes of data per second from Amazon Kinesis Data Streams and Amazon MSK into an Amazon Redshift materialized view and query it in seconds

Amazon Redshift integration for Apache Spark which makes it easy to build and run Spark applications on Amazon Redshift and Redshift Serverless, enabling customers to open up the data warehouse for a broader set of AWS analytics and machine learning (ML) solutions.

Amazon Athena for Apache Spark with this feature, we can run Apache Spark workloads, use Jupyter Notebook as the interface to perform data processing on Athena. this benefits customers in performing interactive data exploration to gain insights without the need to provision and maintain resources to run Apache Spark.

Create Point-to-Point Integrations Between Event Producers and Consumers with Amazon EventBridge Pipes In the modern event-driven application where multiple cloud services are used as building blocks, communication between the services requires integration code. Maintaining the integration code is a challenge. Amazon EventBridge Pipes is a new feature of Amazon EventBridge that makes it easier to build event-driven applications by providing a simple, consistent, and cost-effective way to create point-to-point integrations between event producers and consumers, removing the need to write undifferentiated glue code. Amazon EventBridge Pipes bring the most popular features of Amazon EventBridge Event Bus, such as event filtering, integration with more than 14 AWS services, and automatic delivery retries

Amazon DataZone is a new data management service that makes it faster and easier for customers to catalog, discover, share, and govern data stored across AWS, on-premises, and third-party sources. “To unlock the full power, the full value of data, we need to make it easy for the right people and applications to find, access, and share the right data when they need it — and to keep data safe and secure,” AWS CEO Adam Selipsky said on his keynote session. DataZone enables you to set data free throughout the organization safely by making it easy for admins and data stewards to manage and govern access to data. DataZone provides a data catalog accessible through a web portal where users within an organization can find data that can be used for analytics, business intelligence, and machine learning.

AWS Supply Chain is a new cloud-based application that helps supply chain leaders mitigate risks and lower costs to increase supply chain resilience. AWS Supply Chain unifies supply chain data, provides ML-powered actionable insights, and offers built-in contextual collaboration, all of which help you increase customer service levels by reducing stockouts and help you lower costs from overstock.

Support for Real-Time and Batch Inference in Amazon SageMaker Data Wrangler Deploy data preparation flows from SageMaker Data Wrangler for real-time and batch inference. This feature allows you to reuse the data transformation flow which you created in SageMaker Data Wrangler as a step in Amazon SageMaker inference pipelines.

SageMaker Data Wrangler support for real-time and batch inference speeds up your production deployment because there is no need to repeat the implementation of the data transformation flow.

You can now integrate SageMaker Data Wrangler with SageMaker inference. The same data transformation flows created with the easy-to-use, point-and-click interface of SageMaker Data Wrangler, containing operations such as Principal Component Analysis and one-hot encoding, will be used to process your data during inference. This means that you don’t have to rebuild the data pipeline for a real-time and batch inference application, and you can get to production faster.

Classifying and Extracting Mortgage Loan Data with Amazon Textract Until now, classification and extraction of data from mortgage loan application packages have been human-intensive tasks, although some lenders have used a hybrid approach, using technology such as Amazon Textract. However, customers told us that they needed even greater workflow automation to speed up automation efforts and reduce human error so that their staff could focus on higher-value tasks.

The new API also provides additional value-add services. It’s able to perform signature detection in terms of which documents have signatures and which don’t. It also provides a summary output of the documents in a mortgage application package and identifies select important documents such as bank statements and 1003 forms that would normally be present. The new workflow is powered by a collection of machine learning (ML) models. When a mortgage application package is uploaded, the workflow classifies the documents in the package before routing them to the right ML model, based on their classification, for data extraction.

Process PDFs, Word Documents, and Images with Amazon Comprehend for IDP with Amazon Comprehend for IDP, customers can process their semi-structured documents, such as PDFs, docx, PNG, JPG, or TIFF images, as well as plain-text documents, with a single API call. This new feature combines OCR and Amazon Comprehend’s existing natural language processing (NLP) capabilities to classify and extract entities from the documents. The custom document classification API allows you to organize documents into categories or classes, and the custom-named entity recognition API allows you to extract entities from documents like product codes or business-specific entities. For example, an insurance company can now process scanned customers’ claims with fewer API calls. Using the Amazon Comprehend entity recognition API, they can extract the customer number from the claims and use the custom classifier API to sort the claim into the different insurance categories—home, car, or personal.

Next Generation SageMaker Notebooks – Now with Built-in Data Preparation, Real-Time Collaboration, and Notebook Automation SageMaker Studio notebooks automatically generate key visualizations on top of Pandas data frames to help you understand data distribution and identify data quality issues, like missing values, invalid data, and outliers. You can also select the target column for ML models and generate ML-specific insights such as imbalanced class or high correlation columns. You then receive recommendations for data transformations to resolve the issues. You can apply the data transformations right in the UI, and SageMaker Studio notebooks automatically generate the corresponding transformation code in the notebook cells that you can use to replay your data preparation pipeline

SageMaker Studio now offers shared spaces that give data science and ML teams a workspace where they can read, edit, and run notebooks together in real time to streamline collaboration and communication during the development process. Shared spaces provide a shared Amazon EFS directory that you can utilize to share files within a shared space. All taggable SageMaker resources that you create in a shared space are automatically tagged to help you organize and have a filtered view of your ML resources, such as training jobs, experiments, and models, that are relevant to the business problem you work on in the space. This also helps you monitor costs and plan budgets using tools such as AWS Budgets and AWS Cost Explorer.

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AWS re:Invent 2022 – Day 4 Recap

AWS Application Composer is a new AWS service that helps developers simplify and accelerate architecting, configuring, and building serverless applications. Users can visually compose serverless applications using AWS services with little guesswork. AWS Application Composer’s browser-based visual canvas supports the drag and drop of AWS services, establishing connectivity between them to form an application architecture comprising multiple AWS services. This service aids Developers in overcoming the challenges of configuring various AWS services and from writing IaC to deploying the application. AWS Application Composer maintains the visual representation of the application architecture in sync with the IaC, in real-time.

Create Point-to-Point Integrations Between Event Producers and Consumers with Amazon EventBridge Pipes In the modern event-driven application where multiple cloud services are used as building blocks, communication between the services requires integration code. Maintaining the integration code is a challenge. Amazon EventBridge Pipes is a new feature of Amazon EventBridge that makes it easier to build event-driven applications by providing a simple, consistent, and cost-effective way to create point-to-point integrations between event producers and consumers, removing the need to write undifferentiated glue code. Amazon EventBridge Pipes bring the most popular features of Amazon EventBridge Event Bus, such as event filtering, integration with more than 14 AWS services, and automatic delivery retries.

Process PDFs, Word Documents, and Images with Amazon Comprehend for IDP
With Amazon Comprehend for IDP, customers can process their semi-structured documents, such as PDFs, docx, PNG, JPG, or TIFF images, as well as plain-text documents, with a single API call. This new feature combines OCR and Amazon Comprehend’s existing natural language processing (NLP) capabilities to classify and extract entities from documents. The custom document classification API allows you to organize documents into categories or classes, and the custom-named entity recognition API allows you to extract entities from documents like product codes or business-specific entities.

Amazon CodeCatalyst A unified software development and delivery service, Amazon CodeCatalyst enables software development teams to plan, develop, collaborate on, build, and deliver applications on AWS, reducing friction throughout the development lifecycle quickly and easily.

Features in Amazon CodeCatalyst to address these challenges include:

  1. Blueprints that set up the project’s resources—not just scaffolding for new projects, but also the resources needed to support software delivery and deployment.
  2. On-demand cloud-based Dev Environments, to make it easy to replicate consistent development environments for you or your teams.
  3. Issue management, enabling tracing of changes across commits, pull requests, and deployments.
  4. Automated build and release (CI/CD) pipelines using flexible, managed build infrastructure.
  5. Dashboards to surface a feed of project activities such as commits, pull requests and test reporting.
  6. The ability to invite others to collaborate on a project with just an email.
  7. Unified search, making it easy to find what you’re looking for across users, issues, code, and other project resources.

Step Functions Distributed Map – A Serverless Solution for Large-Scale Parallel Data Processing
The new distributed map state allows you to write Step Functions to coordinate large-scale parallel workloads within your serverless applications. You can now iterate over millions of objects such as logs, images, or .csv files stored in Amazon Simple Storage Service (Amazon S3). The new distributed map state can launch up to ten thousand parallel workflows to process data.

Step Functions distributed map supports a maximum concurrency of up to 10,000 executions in parallel, which is well above the concurrency supported by many other AWS services. You can use the maximum concurrency feature of the distributed map to ensure that you do not exceed the concurrency of a downstream service.

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AWS re:Invent 2022 – Day 3 Recap

AWS Marketplace Vendor Insights – Simplify Third-Party Software Risk Assessments It helps you to ensure that the third-party software continuously meets your industry standards by compiling security and compliance information, such as data privacy and residency, application security, and access control, in one consolidated dashboard.

As a security engineer, you may now complete third-party software risk assessment in a few days instead of months. You can now:

  • Quickly discover products in AWS Marketplace that meet your security and certification standards by searching for and accessing Vendor Insights profiles.
  • Access and download current and validated information, with evidence gathered from the vendors’ security tools and audit reports. Reports are available for download on AWS Artifact third-party reports (now available in preview).
  • Monitor your software’s security posture post-procurement and receive notifications for security and compliance events.

New for Amazon SageMaker – Perform Shadow Tests to Compare Inference Performance Between ML Model Variants
You can create shadow tests using the new SageMaker Inference Console and APIs. Shadow testing gives you a fully managed experience for setup, monitoring, viewing, and acting on the results of shadow tests. If you have existing workflows built around SageMaker endpoints, you can also deploy a model in shadow mode using the existing SageMaker Inference APIs. You can monitor the progress of the shadow test and performance metrics such as latency and error rate through a live dashboard.

Next Generation SageMaker Notebooks – Now with Built-in Data Preparation, Real-Time Collaboration, and Notebook Automation
The next generation of Amazon SageMaker Notebooks will increase efficiency across the ML development workflow. You can now improve data quality in minutes with the built-in data preparation capability, edit the same notebooks with your teams in real-time, and automatically convert notebook code to production-ready jobs.

SageMaker Studio now offers shared spaces that give data science and ML teams a workspace where they can read, edit, and run notebooks together in real time to streamline collaboration and communication during the development process. Shared spaces provide a shared Amazon EFS directory that you can utilize to share files within a shared space.

You can now select a notebook and automate it as a job that can run in a production environment without the need to manage the underlying infrastructure. When you create a SageMaker Notebook Job, SageMaker Studio takes a snapshot of the entire notebook, packages its dependencies in a container, builds the infrastructure, runs the notebook as an automated job on a schedule you define, and deprovisions the infrastructure upon job completion.

Introducing Support for Real-Time and Batch Inference in Amazon SageMaker Data Wrangler
To build machine learning models, machine learning engineers need to develop a data transformation pipeline to prepare the data. The process of designing this pipeline is time-consuming and requires a cross-team collaboration between machine learning engineers, data engineers, and data scientists to implement the data preparation pipeline into a production environment.

The main objective of Amazon SageMaker Data Wrangler is to make it easy to do data preparation and data processing workloads. With SageMaker Data Wrangler, customers can simplify the process of data preparation and all of the necessary steps of data preparation workflow on a single visual interface. SageMaker Data Wrangler reduces the time to rapidly prototype and deploy data processing workloads to production, so customers can easily integrate with MLOps production environments.

Additional Data Connectors for Amazon AppFlow
AWS announced the addition of 22 new data connectors for Amazon AppFlow, including:

  1. Marketing connectors (e.g., Facebook Ads, Google Ads, Instagram Ads, LinkedIn Ads).
  2. Connectors for customer service and engagement (e.g., MailChimp, SendGrid, Zendesk Sell or Chat, and more).
  3. Business operations (Stripe, QuickBooks Online, and GitHub).

In total, Amazon AppFlow now supports over 50 integrations with various different SaaS applications and AWS services.

Redesigned UI for Amazon SageMaker Studio
The redesigned UI makes it easier for you to discover and get started with the ML tools in SageMaker Studio. One highlight of the new UI includes a redesigned navigation menu with links to SageMaker capabilities that follow the typical ML development workflow from preparing data to building, training, and deploying ML models.

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AWS re:Invent 2022 – Day 2 Recap

Amazon QuickSight Q is powered by machine learning (ML), providing self-service analytics by allowing you to query your data using plain language and therefore eliminating the need to fiddle with dashboards, controls, and calculations. With last year’s announcement of QuickSight Q, you can ask simple questions like “who had the highest sales in EMEA in 2021” and get your answers (with relevant visualizations like graphs, maps, or tables) in seconds. Automated data preparation utilizes machine learning to infer semantic information about data and adds it to datasets as metadata about the columns (fields), making it faster for you to prepare data to support natural language questions.

AWS Supply Chain is a new cloud-based application that helps supply chain leaders mitigate risks and lower costs to increase supply chain resilience. AWS Supply Chain unifies supply chain data, provides ML-powered actionable insights, and offers built-in contextual collaboration, all of which help you increase customer service levels by reducing stockouts and help you lower costs from overstock.

Amazon DataZone is a new data management service that makes it faster and easier for customers to catalog, discover, share, and govern data stored across AWS, on-premises, and third-party sources. “To unlock the full power, the full value of data, we need to make it easy for the right people and applications to find, access, and share the right data when they need it — and to keep data safe and secure,” AWS CEO Adam Selipsky said on his keynote session. DataZone enables you to set data free throughout the organization safely by making it easy for admins and data stewards to manage and govern access to data. DataZone provides a data catalog accessible through a web portal where users within an organization can find data that can be used for analytics, business intelligence, and machine learning.

Amazon Security Lake is a purpose-built service that automates the central management of security data sources into a purpose-built data lake stored in the account. This service helps security teams to analyze security data easily and have a complete understanding of the organization’s security posture. Security Lake has adopted the Open Cybersecurity Schema Framework (OCSF), an open standard that helps to normalize and combine the security data from various data sources including on-prem infrastructure, Firewalls, AWS CloudTrail, Amazon Route53, Amazon VPC Flow Logs, etc… Amazon Security Lake supports integrating data sources from third-party security solutions and custom data that has OCSF security data.

VPC Lattice – For modern applications that follow distributed architecture, troubleshooting the communication issues between various components/services is a challenge and time-consuming unless the communication configurations are under control and tracking. AWS VPC Lattice is a new capability of Amazon Virtual Private Cloud (Amazon VPC) that gives us a consistent way to connect, secure, and monitor communication between the services that are distributed. Policies for traffic management, network access, and monitoring can be defined in the VPC Lattice to connect applications in a simple and consistent way across AWS compute services (instances, containers, and serverless functions). VPC Lattice handles service-to-service networking, security, and monitoring requirements.

Schedule a meeting with our AWS cloud solution experts and accelerate your cloud journey with Idexcel.

AWS re:Invent 2022 – Day 1 Recap

Amazon Inspector Now Scans AWS Lambda Functions for Vulnerabilities: Amazon Inspector, a vulnerability management service that continually scans workloads across Amazon Elastic Compute Cloud (Amazon EC2) instances & container images in Amazon Elastic Container Registry (Amazon ECR) now supports scanning AWS Lambda functions and Lambda layers. Customers who had to assess the lambda functions against common vulnerabilities had to use AWS and third-party tools. This increased the complexity of keeping all their workloads secure. As new vulnerabilities can appear at any time, it is very important for the security of your applications that the workloads are continuously monitored and rescanned in near real-time as new vulnerabilities are published.

Protect Sensitive Data with Amazon CloudWatch Logs: Safeguard sensitive data that are ingested by CloudWatch Logs by using CloudWatch Logs data protection policies. When sensitive information is logged, CloudWatch Logs data protection will automatically mask it per your configured policy. This is designed so that none of the downstream services that consume these logs can see the unmasked data. These policies let you audit and mask sensitive log data. If data protection for a log group is enabled, then sensitive data that matches the data identifiers is masked. A user who has the logs Unmask IAM permission can view unmasked data for validation. Each managed data identifier is designed to detect a specific type of sensitive data, such as credit card numbers, AWS secret access keys, or passport numbers for a particular country or region. We can configure it to use these identifiers to analyze logs ingested by the log group and take actions when they are detected.

AWS Backup – Protect and Restore Your CloudFormation Stacks: AWS Backup now supports attaching an AWS CloudFormation stack to the data protection policies for the applications managed using infrastructure as code (IaC). With this, all stateful and stateless components supported by AWS Backup are backed up around the same time. As the application managed with CloudFormation is updated, AWS Backup automatically keeps track of changes and updates the data protection policies for us. This gives users a single recovery point that can be used to recover the application stack or the individual resources and helps to prove compliance with the data protection policies.

Schedule a meeting with our AWS cloud solution experts and accelerate your cloud journey with Idexcel.

What to Expect from AWS re:Invent 2022

AWS re:Invent 2022 is an Amazon Web Services annual technology conference scheduled for November 28 through December 2 in Las Vegas, Nevada. This is the largest annual Amazon Web Services (AWS) conference for partners and customers. The event is scheduled to include 1,500+ technical sessions, a partner expo, training and certification opportunities, and multiple keynote announcements.

AWS re:Invent 2022 is dedicated to cloud strategies, IT architecture and infrastructure, operations, security, and developer productivity with a focus on AWS products and features. Irrespective of whether you are an engineer, a business leader, or just embarking on the cloud journey, this is an opportunity to discover everything the event has to offer. As an AWS Advanced Tier Services Partner and Managed Service Provider (MSP), Idexcel is much excited and looking forward to this event.

Key Note Sessions

Keynote Session 1: Peter DeSantis | Monday, November, 28 | 7:30 PM – 9:00 PM (PST)

Join Peter DeSantis, Senior Vice President of AWS Utility Computing, as he provides a look at the latest innovations from AWS and the ways AWS continues to push the boundaries of performance in the cloud. Peter will provide a glimpse of how teams at AWS dive deep to engineer novel solutions across silicon, networking, storage, and compute without compromising on traditional tradeoffs around performance, sustainability, or cost.

Keynote Session 2: Adam Selipsky | Tuesday, November, 29 | 8:30 AM – 10:30 AM (PST)

Join Adam Selipsky, Chief Executive Officer of Amazon Web Services, as he looks at the ways that forward-thinking builders are transforming industries and even our future, powered by AWS. He highlights innovations in data, infrastructure, and more that are helping customers achieve their goals faster, take advantage of untapped potential, and create a better future with AWS.

Keynote Session 3: Swami Sivasubramanian | Wednesday, November, 30 | 8:30 AM – 10:30 AM (PST)

Join Swami Sivasubramanian, Vice President of AWS Data and Machine Learning, as he reveals the latest AWS innovations that can help you transform your company’s data into meaningful insights and actions for your business. In this keynote, several speakers discuss the key components of a future-proof data strategy and how to empower your organization to drive the next wave of modern invention with data. Hear from leading AWS customers who are using data to bring new experiences to life for their customers.

Keynote Session 4: Ruba Borno | Wednesday, November, 30 | 3:00 PM – 4:30 PM (PST)

Join the AWS Partner Keynote, presented by Ruba Borno, Vice President of AWS Worldwide Channels and Alliances, and discover the ways that cloud-powered innovation is uniquely positioning AWS Partners to accelerate customer business transformations. Learn how AWS is tailoring the digital partner experience to guide partners to higher-value opportunities. Additionally, hear directly from partners and customers about how, working together with AWS, the possibilities are unlimited.

Keynote Session 5: Dr. Werner Vogels | Thursday, December, 1 | 8:30 AM – 10:30 AM (PST)

Join Dr. Werner Vogels, Amazon.com Vice President and Chief Technology Officer, as he shows how customers and AWS are using novel architectural patterns to build scalable, resilient, and fault-tolerant applications. He highlights innovations and emerging technologies that enable builders to create systems that would have been previously unimaginable and describes how the cloud is at the center of this new era of innovation.

Allolankandy Anand – (Vice President | Digital Transformation & Strategy at Idexcel) and his team will be attending this event to meet with customers and partners. Schedule a meeting with Allolankandy Anand to discover how Idexcel can deliver strategic and innovative cloud solutions to achieve your organization’s business goals.

For more details about AWS re:Invent, click here

How will Digital Transformation Reshape Financial Services in 2022

Digital Transformation Reshape Financial Services

The Financial Services industry has gone through a swift and substantial digital transformation journey in the FY 2020-21 via. cognitive automation, conversational servicing, digital embracement, video KYC, open banking etc.

Presently, 55% of financial service organizations have extended resiliency plans to future-proof their business and enhance profitability, innovation rates and cost efficiencies by greater than 20% in contrast to their peers. As per statistics, the global digital payment market size is anticipated to grow at a CAGR of 15.2% between 2021-2026. Also, by 2023, 90% of organizations worldwide are expected to emphasize on investments in digital tools to supplement physical spaces and assets with digital experiences.

The demand for digital technologies is gaining prominence in the financial services industry and going forward innovation is going to play a major role in accelerating the origination of new digital financial products.

1. Current Lending Landscape

(i) COVID impact accelerating Digital Transformation: The impact of COVID-19 on Digital Transformation in Financial Services is detailed through the following steps:

   (a) Greater Automation to Create Contactless Services: The increased tendency of customers towards buying contactless services has led financial organizations to adopt automation. e.g., applying for a loan

   (b) Increased Focus on Technology: The push towards Digital Transformation in Financial Industry has led several organizations to review their investments in the technological sector. This in turn has fueled innovation. e.g., integration of AI in Lending.

   (c) Focus on Customer Experience: Recently, AI based Lending has allowed lenders to shorten the loan process by applying digital transformation. An Automated Loan Approval process lets lending organizations quickly close more qualified loans.

   (d) Maximizing Operational Efficiency & Minimizing Costs: Digital Transformation in Financial Industry is continuing to assure cost-efficient operations while remaining extremely competitive. Optimizing business efficiencies and operations across the supply chain is financial services organizations’ top digital primacy to reduce costs and maximize revenue.

   (e) Increased Investments in Cybersecurity: With more reliance on digital platforms for performing traditional operational processes, there is a huge transaction of critical information. Cybersecurity investments are set to grow high as organizations invest heavily in new advanced technologies and top-level cyberattacks propagate.

(ii) Number of Lenders focused on Small Businesses: COVID-19 has expedited the adoption of Digital Finance Transformation and generated large opportunities in consumer lending. Now, there is a significant increase in lenders, available as options for small businesses to borrow.

(iii) Regional Banks are now following FOMO: Seeing the results of the new lending age, regional banks are now following the digital transformation bandwagon. Currently, there are big investments from regional banks, credit unions and fintech companies, focused on upgrading their existing banking system to digital lending technology to facilitate faster lending.

2. Key Lending Predictions

(i) More Lenders will evolve, catering focused on Specific Lending: To differentiate from traditional lenders and capture strong commercial loan growth opportunities, lenders are increasingly targeting specific industry sectors such as healthcare, transportation etc.

(ii) Emphasize on Open Finance: Open Finance is based on data-sharing principles that can entitle banks to provide a wide range of possibilities to their clients that are especially appropriate to their requirements. With Open Finance, consumers could feasibly access more powerful private mortgages, pension funds, savings systems, credit/loan, insurance, and investments.

The map below shows countries that are effectively implementing their Open-Finance infrastructure:

>Digital Transformation Reshape Financial Services

(iii) Increased Spending on Technology and Teams: Recently, a rise in technology and teams spend is seen as a response to the pandemic. Financial service organizations are witnessing continuous disruption with expedited spending as technology speeds forward at a quick pace. Consequently, it is a mandate to stay highly competitive.

(iv) Integration of API’s from Data Aggregators: API providers build, expose, and operate API’s. e.g., 1. Data Providers API, 2. Machine Learning via an API. API integration from Data Aggregators allows for seamless integration and a quicker turnaround time.

(v) Apps give enhanced visibility for Borrowers: Given its fast-paced nature, lending apps exclude the need for a physical loan application process. These apps connect the lender, and borrower, offering wholesome loan servicing.

(vi) Significantly more accurate default predictions using more data: Data is fundamental to business intelligence and with digital transformation providing more access to useful data, higher is the capability to accurately predict the probability of default.

(vii) Customized Lending Rates for everyone based on your Data: Better data enables better customer understanding which empowers banks to provide their customers with personalized lending.

(viii) Digital Assistants will help both Lenders and Borrowers: Digital Assistants or Mortgage Chatbots greatly assist lenders in loan servicing and play a crucial role in constituting the decision-making process for borrowers. They are known to significantly reduce the time and effort in decision-making and processing loan offers.

(ix) Increased Automation across several workflows to Reduce Costs: Increased automation across workflows considerably minimize the probability for human error, thereby aiding to ensure consistency, process adherence, compliance, and greater security. In well-knit digital lending organizations, an Automated Digital Loan Approval process virtually eradicates the wearisome sorting of paper and electronic files, besides reducing manual data entry.

(x) Decentralized Lending (DeFi): DeFi is a peer-to-peer financial service working on Blockchain platform and as one of the financial services they do have the option to facilitate loans. These platforms offer loans to users at competitive rates in comparison to the traditional lending platforms.

(xi) Lending in Metaverse: The metaverse is a concept of a consistent, online, 3D universe blending multiple virtual spaces and letting users work, engage, and interact together in these 3D spaces. The concept allows our avatars to own entities such as properties, and other artifacts. For us to own these, for e.g., a loan requirement, there are lending institutions who can offer the same.

Conclusion: Recently, banks have accelerated the pace of Digital Transformation in Financial Services owing to the rapid growth of technology. Also, many AI Based Lending apps have emerged with the extensive use of smartphones. Both AI and Automation have just started to explore the boundaries of profitability, efficiency, expenses, and end-user experience in the lending landscape. This year, Digital Transformation in Financial Industry will enable banks to build the next generation experience.

INFOGRAPHIC: PUBLIC SECTOR TECHNOLOGY TRENDS TO WATCH FOR IN 2022

This infographic provides an overview of public sector technology trends in 2022 that can guide public sector leaders in accelerating digital transformation and minimizing disruption risks. Our visual briefing determines key trends that lie in the spaces between several emerging technologies and the impact they are likely to bring about to the public sector. Over the next 12-18 months, these technology trends could disrupt the way public sector organizations engage with citizens, execute tasks, and prepare for the future.

Cloud-Computing-Market-Overview-2017