FinTech in the Cloud
Cloud has become a primary enabler in banking and finance sectors supporting flexible, agile business models, able to focus on growth, reducing the burden of operational and compliance costs; and Banking and Financial organisations have readily embraced this to optimise their payment and processing transactions
Cloud tech in its various forms – IaaS, PaaS and SaaS has continued to evolve probably faster than any other technology paradigm, lending itself to both graphically dispersed workforces working with modest internet connections to corporate offices utilising high-speed networks for their enterprise finance systems.
Storage, databases, networking, security, and a myriad of auxiliary services are accessible without the need to buy and manage physical hardware or commit to long contracts. In many cases, the development of infrastructure as code means a massively reduced overhead for IT teams and can often be outsourced entirely to a cloud-managed service provider.
Banks and financial institutions have recognised the advantages of secure storage, interoperability, unlimited scalability/elasticity, improved business continuity and 24/7 uptime, without large capex investments. Scaling for increased user demand or scaling up or out to accommodate system changes can be accomplished quickly, for as long as needed. Again, no need to invest in hardware or reserve resources.
Cloud Managed Service Providers can underpin fintech companies’ compliance obligations with secure environments certified to multiple security standards and protected by multi-layered identity and access management. This is all managed by the MSP. Automated services like artificial intelligence (AI) development, machine learning (ML), and data analysis used during fraud detection, and credit scoring require significant computing resources, which are available on demand.
The operational capabilities of cloud service providers far exceed that of individual businesses that do not specialise in technology. Financial organisations that integrate this technology into their services benefit from improved security, high reliability, unlimited scalability, and access to an always-on, always up to date infrastructure.
If you have further questions about Advisor Anywhere, how to move to the cloud whilst meeting security and compliance needs, or would like more information about partnering with Moore Technology to achieve this, contact us to discuss your requirements.