Cloud is no longer just another tech word that created quite a buzz. It has become the driving force for distinctive industries to witness consistency, security, innovation, and scalability.
The technology helps to cope up with the changing times and adapt to growing demands. Cloud is likely to expand its sphere across even more industries.
Fintech is no exception, and the cloud is rapidly proliferating the industry towards optimum growth prospects. Several financial start-ups and established companies are racing ahead to provide a seamless user experience to customers. More than just this, companies are more inclined towards offering reliability, 24/7 uptime, and secure transactions.
To enable all of this, nothing surpasses the result-oriented capabilities of Cloud Computing technology. And this is what we will discuss here as to how cloud solutions are enhancing agility, security, and the reach of the fintech vertical.
Why Cloud?
Undoubtedly, 2020 was the year of cloud computing. More than 55% of the organizations adopted the distinctive virtues of the Cloud. Be it like private, public or the hybrid cloud, most enterprises rely on multi-cloud business operations structure.
Not just this only, 32% of the IT’s budget is dedicated, specifically for Cloud to revamp operations, mainly remote working efficiently.
The self-service applications offered by the cloud. enable organizations to manage operations and access data from any location. It provides businesses with the ability to manage everything from a distance with ease.
Read more: Cloud Computing in Finance: Another Buzzword or a Tech Revolution?
Concerning the Fintech industry, it has open-endedly embraced Cloud technology. Cloud is a rapidly growing trend in the financial services industry. It helps meet the financial requirements of customers remotely and securely.
How the Future of Fintech Relies on Cloud Computing
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Secure Data Management
Data is a top priority for the finance industry. It is the key for the sector to onboard new customers, verify information, account management, analysis, checking, spending habits, and more. Fintech organizations rely primarily on a huge chunk of customer’s data to offer end-to-end financial solutions.
Now, Cloud helps fintech in the seamless storage, management, security, and filtration of large quantities of data. It brings financial products faster to market by supplying information from any location and at any point in time.
Especially, after the outbreak of the pandemic, several fintech enterprises move towards Cloud to experience agility & information flexibility.
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Inducing Innovation
Cloud Computing has brought agile solutions for the fintech industry to bring widespread & remote accessibility. It brings financial products and services to reach the market with more speed and efficiency. The technology further enables the industry to meet changing customer demands and adapt to emerging trends.
In short, it is true to say the fact Cloud has accelerated the level of innovation in the financial industry. It helps the sector offer services at demographic ease and customers to meet the purpose from any direction.
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Personal Data Protection
Data breaches and cyber security attacks are imperative concerns for the financial sector. Customers want their personal data, financial transactions and card details fully protected. Thus, to ensure the same, Cloud enables effective security measures to safeguard the data of customers in every way possible.
By implementing the virtues Cloud in Fintech, you will find data encryption to zero trust verification and access control features implemented. It helps mitigate the risk factor associated with the traditional module of financial services. Also, increases reliability over digital fiscal solutions.
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Optimum Scalability
Growth is an essential factor to consider in the fintech vertical. For this, you will be needing technology solutions that are scalable as per changing customer demands and trends. It is where you can rely on Cloud technology that helps enhance the reach wide across the demographics region.
Cloud enables financial enterprises to first move over from traditional modules to digital. And, adopt result-oriented resources to scale up high in the marketplace and to stay ahead of the competition.
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Self-Service Applications
Self-applications have experienced a rising trend, especially after the arrival of Covid-19. People are much inclined towards using self-service applications to meet the end-to-end purpose of product buying and service availing.
In the financial sector also, several self-service apps have been widely adopted as a seamless way to make payments, manage finance, track spending habits, and more. Moreover, such apps are completely Cloud-based while giving easy accessibility to all in wide directions.
Things to Consider While Adopting Cloud for Finance
At this point, you might have got the idea of the comprehensive role of Cloud technology in fintech.
Next is considering a few things before implementing Cloud technology in the sector.
Security Compliance: It is pivotal that financial executives of the enterprise must ask for the compliance certificates of the cloud service offering.
Data Management and Segregation: Cloud technology relies more on shared resources. The financial industry requires such resources along with optimum data segregation and security.
Disaster Recovery Plan: It is imperative to ask for a detail-oriented disaster recovery plan from an expert Cloud service provider. It is essential to have an end-to-end data disaster recovery plan in place.
Encryption & Access Control: Make sure to discuss the data protection and encryption terms and conditions with the service provider.
Final Thoughts
Cloud computing is a crucial enabler for fintech companies. This agile technology helps you bring products to market faster, understand the latest trends, and switch to emerging trends. It enables fintech companies to be more flexible, scalable, and offer seamless service offerings from any location and round the clock.
Get access to smart and profitable Cloud computing solutions for your fintech organization from OrangeMantra. We are a globally trusted digital transformation and business acceleration enabler with significant expertise in fintech solutions.
Frequently Asked Questions
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What Type of Cloud Service is Most Preferred by Fintech?
All across the globe, financial companies prefer to access AWS (Amazon Web Service) Cloud offering. It is the most secure, resilient, and compliant Cloud service offering for the sector to enhance operations. This is a pay-as-you-go infrastructure model for the financial industry to streamline operations cost-effectively.
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How the Cloud Computing is Changing Fintech?
The Cloud brings innovation and agility to the financial sector to become robust, widely responsive and accelerated. It enables the industry to offer products/services remotely, ensure optimum data security and quick adoption of changing market trends to reign supreme. Hire Cloud Developers from OrangeMantra for best cloud solutions
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How long does it take to implement cloud solutions for fintech operations?
There is no such pre-determined timeline mentioned for the successful implementation of Cloud in Fintech. It relies more on the enterprise’s requirements, the scale of operations, several features, resources, and other considerations to decide a particular timeline.
