Experts say and predict that the backbone of digital innovation is Cloud adoption. Storing, managing, and processing data over the internet instead of a local server through a remote server is done through Cloud computing. Various cloud services can be used and they include servers, storage, database, networking, software, and moreover the internet.
To push their industry forward and to win over banking customers, the financial industry is leaning towards Fintech and Cloud services. There is a pressing need for secure and reliable hosting service providers ever since the FinTech industry started growing leaps and bounds. Cloud hosting makes this possible by ensuring protected and instant transactions for every customer. The notable benefits of cloud technology – less expensive, easier to use, and top of all safer than private data centers.
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Top trends shaping the fintech community through Cloud computing:
Cloud computing evolution has enabled the banks to focus more on the customer-centric approach and digitalizing trading & wealth. A multi-channel relationship with the customers is created through cloud computing and this is extended at every aspect of the service.
Fintech is exceeding when it comes to data management when coupled with cloud computing. The volume of financial data is exploding in the industry and this is considered to be the right and beneficial scenario to adopt the technology. Fintech companies are enabled using Cloud technology to store and manage user data in a trusted and secured way. This helps businesses to take advantage of intelligent approaches to lending, payments and fraud detection.
With the help of active provisioning, the digital solutions provided by the Fintech firms are being packaged and provisioned rapidly in cloud environments. By taking this route, a new solution set up can be done within hours rather than wait for weeks and months to roll out by following legacy procedures. These hours roll out is possible with the help of high-performance servers configured for production and test deployments.
Automation is the ultimate need for DevOps practice and ‘Automate everything’ is the key principle of DevOps. The self-servicing capabilities to the financial industry can be done in the cloud by automating processes such as access management, feature deployments, and application provisioning. This capability shall allow engineers to focus more on innovation, rather than spending time on issues like procurements and system provisioning.
Minimal Operational cost:
Compared to cloud storage solutions, on-premises data storage is highly expensive in most scenarios. The overall investment and cost for maintaining servers and to maintain the up-time can be reduced by adopting to cloud computing process.
Enhanced client satisfaction:
Fintech organizations are empowered to create modular customer-centric services increasing client satisfaction by the smoother working models and huge computing power offered by cloud services. Financial frauds have been on a decline since the introduction of Big Data and Machine Learning. This change has made users conduct all banking activities.
Fintech companies with cloud technology made it possible to advance their business model and provide better service to clients. This is also cost-effective though. Cloud enablement had made businesses more customer-centric and secure than ever before.
Gartner projects total global spending by financial institutions on public cloud services to grow from $37 billion in 2017 to $55 billion in 2020. According to McAfee, 1,004 distinct cloud services being used by the average financial services firm, a 32.1% YOY growth – based on a survey of 3.7M finance employees over 14,000 cloud services. According to MarketsandMarkets, the predicted size of the Finance Cloud Market is expected to reach $29.47B by 2021, which represents a 24.4% CAGR.
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