Fintech – Choosing a Cloud Service Provider
Author: Haziqa Sajid
As the world rapidly digitizes, Fintech is innovating the financial services industry. Fintech businesses constantly search for ways to streamline financial operations, boost financial management, enhance investments, and improve customer experiences. Fintech companies leverage big data and data analytics to extract insights into customer behavior, spending habits, and preferences. Therefore, cloud computing is one of the most powerful tools for Fintech companies to turn this process into an easier and more streamlined workflow.
According to Forbes, the fintech industry is leveraging cloud technology to attain the projected annual growth rate of 23.84%. Many cloud service providers are available in the market, but choosing the right Fintech cloud service provider requires an informed decision-making process.
This blog will help you discover how to choose a cloud service provider for Fintech and highlight some of the key offerings of the market-leading Fintech cloud service providers. Let’s discuss this in detail.
Why do Fintech Companies Need Cloud Computing Services?
By adopting cloud frameworks, Fintech companies can customize their operational and functional processes to meet varying business requirements by streamlining the scalability of resources. Fintech cloud service providers offer a pay-as-you-go model that can significantly reduce costs, offer scalable growth, and eliminate the cost of hardware.
Some key benefits of choosing Fintech cloud service providers include:
- Ability to focus on core business operations while outsourcing the infrastructure management to experts.
- High reliability and security by leveraging industry-leading solutions without any need to invest in capital expenditure.
- Auto-scaling capabilities enable Fintech businesses to ensure application availability and address their clients’ dynamic requirements without downtime or service interruption.
- Strict compliance with industry standards like PCI DSS with regular security updates, compliance audits, and data backups to protect sensitive financial data.
- Ensures Fintech cloud security by implementing practices like data segregation, zero-trust verification, data encryption, and access control.
How to Choose a Cloud Service Provider for Fintech?
Evaluating a cloud vendor’s security is mandatory for secure and reliable business operations. Below are some top aspects to consider and evaluate before choosing the Fintech cloud service provider.
- Compliance and Industry Standards – Ensure compliance with ISO certifications and data privacy frameworks such as GDPR, CCPA, SOC, and HIPAA.
- Authentication and Access Controls – Look for foolproof identity controls such as multi-factor authentication (MFA), biometric authentication, single sign-on, and real-time identity monitoring tools.
- Self-Managed or Fully-Managed services – Determine whether the cloud provider offers fully-managed or self-managed services. The cloud vendor manages, configures, optimizes, and scales all the cloud resources in fully-managed services. In self-managed services, you will be responsible for managing and configuring VMs.
- Scalability of Resources – Choose a cloud service that offers seamless and streamlined scalability of resources to meet evolving business needs is crucial to reliable operations.
- Data Segregation – Fintech data often requires data segregation for critical business information and data assets. Evaluate how cloud service providers offer secure functionality by maintaining the balance between shared and segregated resources.
- Disaster Recovery and Data Backup Plan – Critically assess the Fintech cloud service provider’s disaster recovery plan and ensure they can effectively back up your sensitive information and data.
Top Cloud Service Providers for Fintech
The most prominent cloud service providers for Fintech include V2 cloud, Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). Let’s explore each of these top-of-the-line Fintech cloud service providers with their key features and pricing plans in detail.
V2 cloud is the market-leading Fintech cloud service provider and virtual desktop infrastructure that offers highly secure and reliable cloud solutions to meet dynamic Fintech demands. Fintech businesses can opt for V2 cloud’s budget-friendly and durable cloud services to streamline and optimize their financial operations.
Below are some of the unique features you can leverage by using Fintech application hosting on the V2 cloud:
- State-of-the-art cloud security integration to safeguard critical organization’s assets, information, and data against increasing cyberattack incidents
- Continuous monitoring, multi-factor authentication, & SSL encryptions to prevent any potential data breaches and denial of services attack (DDOS)
- Robust disaster recovery planning and weekly data backups as part of strict compliance with data governance policies
- Well-equipped global data centers with industry-leading hardware solutions to ensure the reliability and durability of services
- Offers a service level agreement (SLA) that promises 99.9% uptime that, makes it outshine competitors
- Every virtual machine (VM) has its isolated private network with closed-ended incoming ports
- Regular audits of data centers to ensure strict compliance with HIPAA, PCI, and SOC industry standards & regulations
V2 cloud offers a 7-day risk-free trial, and the pricing may vary according to the number of allocated resources and users. The introductory pricing starts from $60 per month per user. Exploring the V2 cloud or connecting with their sales team is recommended to get an estimate for your specific requirements.
Amazon Web Services
AWS offers a complete suite of on-demand cloud computing services. It offers IT solutions to client organizations to develop, host, test, and provision cloud-native applications. The salient features and benefits you can expect from AWS include:
- Allow Fintech companies to leverage fully-managed services with Software-as-a-Service (SaaS) model
- State-of-the-art global cloud servers with the auto-scaling capability to streamline the delivery of resources and store enormous financial data
- Offer dedicated services to address clients’ computing, storage, infrastructure management, development, hosting, and security needs.
Amazon offers a pay-as-you-go model for AWS with monthly costs depending on how many EC2 instances are used per hour. To find an accurate service estimate for your specific needs, it is recommended to use the AWS pricing calculator.
Microsoft Azure is another leading Fintech cloud service provider that offers optimized and scalable virtual resources and storage. Microsoft Azure offers seamless support for hybrid frameworks and all Microsoft products. Its salient features include:
- Dedicated dashboard to monitor the health & performance of cloud-native apps via Azure Monitor
- A robust disaster recovery plan configured and managed by Azure Backup facility
- Enterprise-grade cloud security by ensuring the ADADSC model (Detect, Assess, Diagnose, Stabilize, and Close)
You can explore different Microsoft Azure’s pay-as-you-go models and request a quote for your required services.
Google Cloud Platform (GCP)
Google Cloud Platform (GCP) supports advanced computing workloads, including machine learning and AI. It allows businesses to leverage data analytics and intelligent security methodologies. Its unique features include:
- 99.9% uptime for reliable Fintech cloud computing services
- Dedicated support for in-house to cloud migration
- Continuously expanding global data centers to address the growing IT needs of customers
- Industry-leading cloud security practices, like Virtual Private Cloud, Data Encryption, Threat monitoring, etc
- Seamless support for all Google services and solutions
The pricing of the Google cloud platform also varies according to the assigned virtual instances and the number of cloud users. It is recommended to find the estimate with Google Cloud Pricing Calculator.
Why is V2 Cloud the Top Fintech Cloud Service Provider?
Secure Cloud Infrastructure: V2 Cloud is known for its highly secure cloud infrastructure, which is crucial for fintech companies that handle sensitive financial data. V2 Cloud offers advanced security features such as two-factor authentication, encryption, and regular security updates, which help to safeguard sensitive financial data.
Cost-Effective: V2 Cloud offers a cost-effective solution for fintech companies, which helps them to save money on infrastructure and hardware costs. With V2 Cloud, fintech companies can quickly and easily scale their operations up or down, which means they only pay for what they need.
Reliable Performance: V2 Cloud is designed to offer reliable performance, with high uptime and fast load times. This is crucial for fintech companies that need to process large volumes of financial data quickly and efficiently.
Customizable Solutions: V2 Cloud offers customizable solutions that can be tailored to the specific needs of individual fintech companies. This means that fintech companies can get the exact services and features they need to run their business effectively.
Dedicated Support: V2 Cloud provides dedicated support to its clients, which means that fintech companies can get help when they need it. This can be especially important in the fintech industry, where issues with technology can have significant consequences.
Easy to use: V2 Cloud is designed to be easy to use for its customers, regardless of their technical expertise. This means that fintech companies can get up and running quickly, without needing to invest significant time or resources. Explore V2 Cloud today and experience the unprecedented security, performance, and scalability your fintech business requires the most.