Fintech has revolutionized the financial industry as the world digitizes rapidly. Fintech companies are always looking for new ways to improve financial operations, increase financial management, enhance investment, and enhance customer experience. Fintech businesses use big data and data analysis to gain insights into consumer behavior, preferences, and spending habits. Cloud computing is, therefore, one of Fintech’s most powerful tools to streamline and simplify this process. Let’s explore how Fintech Choosing a Cloud Services Provider!
Fintech choosing a cloud services provider
Forbes reports that Fintech choosing a cloud services provider to achieve the projected growth rate of 23.84 %. There are many cloud service providers on the market. However, choosing the best Fintech cloud service provider is a complex decision.
This blog will show you how to select a Fintech cloud provider and highlight the main offerings of some of the leading Fintech cloud providers. Let’s talk about this in more detail.
Why Fintech Companies Use Cloud Companies Services?
Fintech choosing a cloud services provider to streamline the scalability and customization of their processes by adopting cloud frameworks. Fintech cloud providers use a pay-as-you-go model, which can reduce costs, allow for scalable growth and eliminate hardware costs.
Fintech cloud services offer several benefits:
- Outsourcing infrastructure management allows you to concentrate on your core business while experts manage the infrastructure.
- High reliability and security through industry-leading solutions without investing any capital.
- Fintech Businesses can use auto-scaling to meet their dynamic client requirements and ensure application availability without interruption or downtime.
- Protect sensitive financial data by adhering to industry standards such as PCI DSS, which requires regular updates on security, compliance audits and data backups.
- Fintech cloud security is ensured by adopting data separation, zero-trust validation, data encryption and access control.
How do you choose a cloud service provider for Fintech?
It is essential to evaluate a cloud provider’s security to ensure a secure and reliable operation. Here are a few top factors to evaluate and consider before selecting the Fintech cloud provider.
- Compliance and Industry Standards Ensure compliance with ISO certificates and data privacy frameworks, such as GDPR.
- Access Controls and Authentication– Search for foolproof controls on identity such as biometric authentication, multi-factor authentication, single sign-on and tools that monitor identity in real-time.
- Fully-Managed Services – Determine if the cloud provider provides fully-managed or self-managed services. In fully managed cloud services, the vendor manages and configures cloud resources, optimizes them, and scales them. Self-managed services require you to manage and configure VMs.
- Scalability– Choosing a cloud service with seamless and streamlined scaling of resources is essential for reliable operations.
- Data Separation – Fintech data must often be separated from other data and business assets. Assess how cloud service providers provide secure functionality while balancing shared and segregated resources.
- Data Backup and Disaster Recovery Plan– Evaluate your Fintech cloud provider’s disaster recovery plan and ensure they can effectively backup sensitive data and information.
Know the Top Cloud Service Providers in Fintech
The most popular Cloud service providers for Fintech Development Services are V2 Cloud, Amazon Web Services, Microsoft Azure and Google Cloud Platform. We’ll examine the main features and pricing of these Fintech cloud services.
Amazon Web Services
AWS provides a full suite of cloud computing services on demand. It provides IT solutions for client organizations that develop, host and test cloud-native apps. AWS offers several features and benefits.
- Allow Fintech companies to leverage fully managed services with a Software-as-a-Service (SaaS) model.
- Cloud servers that are state-of-the-art and auto-scaled to store huge financial data, streamline resource delivery, and optimize the delivery of resources
- Provide dedicated services that address clients’ computing, storage and infrastructure management needs, as well as their development, hosting, security, and hosting requirements.
Amazon’s AWS model is a pay-as-you-go service. The monthly cost depends on the number of EC2 instances used each hour. It would be best to use the Pricing Calculator to estimate your service needs accurately.
Microsoft Azure
Microsoft Azure is a leading Fintech cloud provider, offering optimized and scalable storage and virtual resources. Microsoft Azure provides seamless support for hybrid frameworks, including all Microsoft products. Some of its most important features are:
- Azure Monitor provides a dedicated dashboard for monitoring the health and performance of cloud-native apps.
- Azure Backup Facility configures and manages a robust disaster recovery plan
- Cloud security that is enterprise-grade by ensuring ADADSC (Detect, Assesses, Diagnoses, Stabilizes, and Closes)
Explore different Microsoft Azure pay-as-you-go models. Request a Quote.
Google Cloud Platform (GCP)
Google Cloud Platform (GCP), a cloud computing platform, supports advanced computing workloads, including machine learning and AI. It allows companies to use data analytics and intelligent cybersecurity methodologies. Its unique features include:
- Fintech Cloud Computing Services with 99.9% Uptime
- Support for cloud migration in-house
- Expanding global data centers to meet the increasing IT needs of customers
- Cloud security practices that are industry-leading, such as Virtual Private Clouds, data encryption, threat monitoring, etc.
- Support for all Google products and services
Google’s cloud pricing varies depending on the virtual instances assigned and the number of cloud users. It is best to estimate the cost with Google Cloud Price Calculator.
V2 Cloud
V2 Cloud, the leading Fintech and virtual desktop infrastructure provider, offers secure and reliable cloud services to meet dynamic Fintech needs. Fintech companies can choose V2 cloud for its affordable and durable cloud services that streamline and optimize financial operations.
Fintech applications hosted on V2 Cloud offer several unique benefits.
- Integrate cloud security to protect organizations’ critical assets, data, and information against cyberattacks.
- Multi-factor authentication and SSL encryptions protect against potential data breaches, denial of service attacks (DDOS), etc.
- Data governance requires strict compliance with data governance policies, including robust disaster recovery plans and weekly data backups.
- Global data centers equipped with the latest hardware and software solutions from industry leaders to ensure reliability and durability
- It offers a service-level agreement (SLA), guaranteeing 99.9% uptime, making it stand out from competitors.
- Each virtual machine (VM) has its private network, with closed-ended ports for incoming traffic.
- Data centers are subject to regular audits to ensure compliance with HIPAA and PCI standards and SOC regulations.
V2 cloud provides a seven-day, risk-free test. Pricing may vary depending on the number of users and resources allocated. The introductory price starts at $60 per month for each user. To get a quote for your requirements, exploring the V2 Cloud or connecting with their sales team is best.