3 Reasons Why The Cloud is Critical For Your Fintech Transformation
The Evolution of Cloud
Long gone are the days of the cloud being a scary, misunderstood, unsafe place. Now businesses all around the world rely on cloud technologies for many key functions within their businesses. And cloud technology is completely changing the financial services industry as we know it. Over the past 5-10 years, The Cloud has matured from a new, untested technology to a robust, stable solution able to support financial companies of all sizes. What factors have lead to this change? We see three key features of cloud technology that will allow financial institutions and fintechs to confidently transform their infrastructures to meet known and yet-to-be-imagined requirements:
1) Scalability: Cloud technology is designed to support high transactional volumes through infrastructure features such as containers, micro-services, and elasticity. Gone are the days of adding expensive servers to handle increases in volume. Cloud infrastructure auto-scales, meaning it senses increases in volumes and automatically increases processing capacity as needed. The infrastructure will also decrease capacity automatically as volumes decrease. Companies pay for actual usage rather than deploying costly servers in data centers.
2) Agility: Cloud technology is built for efficiency. Much of the administrative work required to maintain and operate cloud infrastructure is standardized and increasingly benefiting from automation. This means that developers can spend more time working on the business needs of a financial company, rather than spend time on generic system maintenance.
3) Security: Cloud infrastructure security is typically comprised of three pillars known as CIA (Confidentiality, Integrity, and Availability). These pillars not only work to ensure maximum reliability of the infrastructure through monitoring systems, artificial intelligence, and system redundancy but also ensure an efficient means to a hyper-secure environment. Cloud Service Providers (CSPs) have become so specialized in cloud infrastructure security, they offer a level of security that is difficult for financial companies to match.
Key Cloud Transformation Takeaways for Fintech
Scalability, agility, and security are the three key features of cloud technology allowing financial institutions and fintechs to completely transform their infrastructures. This allows them to keep up with the latest innovations and ever-changing customer demands.
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