As the economy and inflation rise, more consumers are turning to alternative financial services such as fintech to manage their finances. This industry is expected to continue growing as it offers a wide range of products and services that are designed to meet the needs of modern consumers. Some of these include online banking, insurance, and digital lending. , consumer adoption of fintech companies and products has grown rapidly worldwide between 2015 and 2019. As of 2019, 75 percent of consumers globally have adopted some form of money transfer and/or payment service. According to Statista The rapid emergence and growth of financial technologies have raised the bar for the sector. This has led to various challenges, such as security and scalability. The various challenges that financial technology companies face have led to the goal of maintaining a steady stream of repeat customers. It took a long time for traditional banks to convince their consumers to trust them with their money. Despite the various challenges that financial technology companies face, there are still some technological solutions that can help them overcome these issues. One of the most important factors that financial technology companies should consider is the availability of cloud computing. This type of technology allows them to improve their security and flexibility while also increasing their global reach. Cloud computing is a type of hosting service that allows businesses to access various computing resources and services over the internet. The goal of cloud computing is to provide businesses with easy and scalable access to their IT resources. With the availability of cloud computing, financial technology companies can improve their efficiency and reduce their risk of experiencing delays in the supply chain. It can also provide them with a higher level of data protection. In addition, it can provide them with a more affordable level of system backup. Where do the best practices begin? Through the continuous evolution of cloud technology, fintech companies have been able to gain a deeper understanding of the advantages of cloud computing. They have also been able to establish best practices that will help them realize the full potential of this type of technology. These practices can be categorized into four broad themes: One of the most important factors that financial technology companies should consider when it comes to outsourcing their technology and operational functions is ensuring that they can still . Although it may be beneficial to outsource these functions, a regulated entity still has to establish policies and procedures that will help it manage its responsibilities. meet their regulatory obligations Before a firm can start implementing a new cloud application, it should make sure that the API it uses has the . This will allow it to quickly and easily integrate new applications into the cloud. necessary capabilities to support its operations As more workloads move to the cloud, it is critical that firms maintain their . The past few years have seen a significant increase in the number of attacks and the complexity of the financial markets’ cybersecurity. focus on the expansion of their resilience capabilities Best practices in Fintech , almost 90% of enterprises plan on moving their operations to the cloud by 2025. Some of the prominent banks that include Morgan Stanley, Wells Fargo, and Capital One. Goldman Sachs is even expected to launch its Financial Cloud for Data in partnership with Amazon Web Services. According to LogicMonitor have already started implementing the cloud Here are a few success stories for your inspiration: Auka + Google Cloud Auka, a fintech company based in Norway, is focused on providing a secure and reliable payment platform for banks and merchants. Through its platform, it has been able to grow its market share in Europe and become in the continent in 2016. In 2014, it launched the first mobile payment system in Norway using the cloud. one of the fastest-growing cloud-based companies Through its cloud platform, Auka was able to handle the increasing number of transactions that were made using mobile devices. It was also able to win the award for Best Mobile Payment Platform in Europe in 2017. This recognition was due to the company's decision . to base its operations on the cloud PWE Capital + MQL5 Cloud Network Parker Winston Eckhardt, a fintech company based in Australia, announced that it had adopted the MetaTrader 5 platform for its asset management division, PWE Capital. Through its use of algorithmic trading, PWE Capital aims to provide its clients with a modern and flexible platform for managing their assets. , the company's decision to adopt the platform was based on its ability to meet its client's needs and provide them with the best possible service. According to PWE Capital's CEO, Manas Kumaar is a component of the client terminal of the financial trading software known as MetaTrader 5. It is used to test the performance of the trading systems developed using the platform's programming language. Through backtests, the Strategy Tester can improve the efficiency of the trading systems written on MQL5 language by analyzing historical data. The MQL5 Cloud Network At the beginning of the year, the network had a total capacity of 34,000 cores, and it continues to grow. TransferWise (Wise) + AWS Since its inception, TransferWise has been able to grow its global business by providing a low-cost, global financial technology platform that enables people and businesses to move money around the world. Due to its ease of use and low cost, over six million individuals and businesses have switched to TransferWise from traditional providers. Due to the complexity of its operations, keeping up with its rapid growth. Its applications were hosted in on-premises data centers, which made it difficult to maintain continuous availability. TransferWise had a hard time The company also had a hard time keeping up with the rapid growth of its business due to the lack of space and the complexity of its operations. Thomas Hewer, TransferWise's technology lead, that the company wanted to grow globally without having to build partnerships with other data center partners. said To address these issues, TransferWise started its migration to the cloud by using a hybrid storage architecture. It to Amazon Web Services (AWS) Storage Gateway. This service allows users to access cloud storage on-premises. moved its data backup environment With the help of Amazon Web Services’ hybrid storage architecture, TransferWise was able to scale its operations and keep up with its rapid growth. This allows the company to expand its services even more quickly as its business continues to grow.

Chain

Amazon

Google

Morgan Stanley

Techcrunch

How to Earn Profit on Crowd-sourced Automated Trading Communities

Not Only Python: Problems, Errors and Alternatives

Read My Stories

Telegram

Too Long; Didn't Read

Make resilience your competitive advantage

Best Practices of Cloud Networks Usage in Fintech

Best Practices of Cloud Networks Usage in Fintech

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

3 Common Reasons Why Hedge Funds Still Refrain from Investing in bitcoin

10 Reasons Why Less Is More in Your init/deinit Methods

10 Best Practices for Every React Developer

10 Best Practices for Using Kubernetes Network Policies

12 Essential Coding Standards for Quality Web Development

3 Common Reasons Why Hedge Funds Still Refrain from Investing in bitcoin

10 Reasons Why Less Is More in Your init/deinit Methods

10 Best Practices for Every React Developer

10 Best Practices for Using Kubernetes Network Policies

12 Essential Coding Standards for Quality Web Development

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps