The Cloud has now become a global force to reckon with for business growth, especially in the new normal characterized by a distributed workforce and enhanced digital mobility.
The era of the Cloud has begun already with companies worldwide now adopting cloud computing to support their IT infrastructure. They ensure that a sizable amount of their budget is dedicated to cloud computing. With seemingly great benefits such as accessibility, ease of use, lower costs of ownership, and fast deployment, it is not surprising to see why organizations are increasingly drawn to this new technology.
The FinTech industry is capitalizing on the benefits of the cloud just as much. But how will this technology drive FinTech into the future? Let us understand that in detail.
Self-service applications: Remote self-service technology has picked up in recent years, and the pandemic has now made it a necessity in the years to come. The major pain point solved by FinTech is the anytime, DIY kind of ability to access and manage finances from a distance. Self-service applications based on cloud technology help companies deliver this technology at a relatively rapid pace and at a reasonable price.
New security features: With the right measures taken, the cloud has proven to be reasonably secure, which tackles the concern about security and data protection. Security is at the forefront for FinTech providers and adopting this new technology is vital as the burden of security is now taken care of the cloud platforms rather than the individual companies hosting their applications on these clouds.
Data management: Data is of top priority in FinTech, with identity verification processes to account management systems playing key roles. Cloud technology is used to collect and store large quantities of data. This makes it secure and accessible at all times considering the fact that this process can be done from anywhere at any time and often automatically.
Here are a few things to consider for adopting the cloud in banking and finance:
- Encryption and access control: Encryption policies and role-based access control procedures can provide technically feasible cloud services and efficiently protect the financial data you transmit.
- Data segregation and data management: Financial institutions require a combo of shared resource benefits with increased security achieved by data segregation.
- Disaster recovery plan: It is important to obtain a detailed disaster recovery plan and ensure your digital infrastructure permits implementation of it when necessary.