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Fintech stands for financial technology and it refers to the latest technology that can affect the financial lives of its users. It is an innovation and is represented by fintech services/companies. Fintech is an innovation and that means a solution. Fintech is the antithesis of traditional financial companies/services and it is synonymous with “online”. A fintech company does not require large physical resources. Often they only have a few physical offices with a much smaller capacity than a traditional financial services physical office.
So what is fintech?
Well, it’s a combination of financial services and digital technology so many aspects of financial services can be made easier by the technology.
Perhaps the easiest example of fintech is digital banking. Digital banks are the digitization of traditional banks and their products are generally cheaper than similar products offered by traditional banks. They can “keep prices down” because they can reduce reliance on “physical structures” which are costly. They don’t need to rent a lot of offices, don’t need to hire a lot of security personnel, don’t need to print passbooks, and so on. All of these can be costly and digital banking cuts down on all of them.
The main reason why fintech penetration in everyday life is almost seamless
Of course, there is technology to support it, but its widespread application in society is highly dependent on changes in people’s lifestyles. Fintech emerged due to changes in people’s behavior that want everything to be done quickly. There are many problems related to buying and selling transactions and payments that can all be facilitated by the presence of technology. In the case of digital banks, account holders do not need to go to the branch office every time to take care of problems related to their account books. They can get solutions right on their smartphones. That will give them practicality, and certainly cost savings compared to when they have to take care of things physically.
How does fintech benefit service providers and users?
Fintech can benefit service providers by simplifying the transaction chain, reducing operational costs, and maintaining information flow. As for users, fintech can provide benefits related to faster financial services, wider options, and lower costs. Basically, to a certain degree, fintech is fully reliable and that means improved services and reduced costs in general.
What Purushotam Reddy offers through his book: Edge To Cloud AI: Integrating Intelligent Systems Across Distributed Environments
Purushotham Reddy has perhaps been one of the most important fintech contributors to the artificial intelligence (AI) ecosystem in recent years. He recently published his book on Amazon titled “Edge to Cloud AI: Integrating Intelligent Systems Across Distributed Environments” and it is not just a book but a groundbreaking work that guides anyone who wants to get involved in the “AI stream” to take fintech to the next level.
It is a book with the main theme of integrating AI from edge devices to cloud platforms. As is well known, edge devices can be likened to two ends of a pipe with one side adjacent to the data source and the other side adjacent to the user. Edge devices enable direct data processing while cloud devices are vast computing and data storage resources. These two types of devices can be bridged with the method Reddy offers in the book and it is essentially an attempt to integrate AI across distributed environments.
Reddy’s book discusses the basic concepts and technical strategies for integrating AI for building systems that connect the edge and the cloud. There are many important topics covered; for example, latency management and security solutions in scaling AI, data preprocessing on edge devices, and optimal utilization of cloud as a cloud resource for complex computing processes. Reddy did not just explain theoretically but he tried to show how AI is applied in the fintech industry and examples of AI transformation in the industry so far.
For most people, AI is the end product that answers everything but they cannot understand what lies behind it. So far, the majority of technical explanations about AI are difficult to understand by the average person and even by students. Through “Edge to Cloud AI”, Reddy attempts to explain AI and its integration in the fintech industry in a language that is easily understood by everyone. Whether the reader is a professional, student, or techie, the book opens their mind to the practical applications of AI in the fintech landscape and its fundamentals. And to add to it all, through the book Reddy offers readers the stages for building an AI architecture that can be customized to the industry in which it is integrated.
We are now in a more connected world than we could have imagined a few years ago. And in the interconnected world, there are more opportunities where AI takes the biggest role. By reading “Edge to Cloud AI”, readers may gain valuable insights on how they can further contribute to the fintech industry with AI optimization.
Who is Purushotham Reddy?
Purushotham Reddy is an IT professional with long experience in developing applications and solutions for companies across various business domains. He has proved from his years of experience that the profession of an IT professional is not stagnant. It can evolve almost indefinitely with new things learned and the courage to apply what has been learned in real life. Reddy has been in the IT world for more than 20 years and in that time he has built a great reputation, which he did gradually, starting from working as a Senior Quality Analyst and Test Lead, to now as a Senior Software Engineer at Capital One, a large fintech company in McLean, Virginia, which today has expanded its reach in many US states, Canada, and also the UK.
In his two-decade career, Reddy has secured several milestones, one of the most important being the successful migration of critical applications between AWS accounts, with the aim of enabling service continuity and minimizing downtime. It was a complex project with a lot of AWS resources but required to stay within a rigid framework, i.e. no breaches of security protocols and other strict compliances. In some other projects, he has successfully developed pre and post-migration testing for data consistency so that the completed applications can function consistently and relatively free from common glitches.
Further innovations
However, the IT expert is not satisfied with all these achievements as he is currently working on the development of what can be termed an automated backup validation tool, capable of improving data integrity for RDS, S3, and DynamoDB buckets. The process of developing such a tool is done by utilizing AWS Lambda and Step Functions to form a kind of automated workflow for data recovery through taking snapshots and their validation. The workflow can significantly minimize the risk of data loss, thereby increasing cloud resilience.
He is also an active writer and has so far authored quite a few journals in collaboration with other experts. Here are some of his journals that have been published online:
– Intelligent Data Replication Strategies: Using AI to Enhance Fault Tolerance and Performance in Multi-Node Database Systems.
– Artificial Intelligence for Self-Healing Automation Testing Frameworks: Real-Time Fault Prediction and Recovery.
– Scalable Machine Learning Models for IoT Data Analytics in Cloud Environments.
– Integrating edge computing with advanced cloud computing: A paradigm shift for IoT applications.
– Case Generation: A Framework for Enhanced Coverage and Defect Detection.
These journals are an invaluable contribution to the IT community around the world, especially those working in fintech companies.
Finally, through “Edge to Cloud AI: Integrating Intelligent Systems Across Distributed Environments”, Reddy seeks to bring readers to practical AI optimization in the fintech industry through technical strategies that he discovered and developed.
