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Top 5 Reasons Why AWS For Fintech Is A Perfect Match

Introduction

The fintech and banking industry are the early adopters of innovative and advanced technology since the boom started a few decades ago. To support the huge banking & finance industry, Fintech appeared during the turn of the millennium to obtain more efficiency, improve transparency & accountability in the process of industry functions. 

Nowadays, banking sectors are adopting and integrating Fintech apps with the help of financial software development providers to handle tremendous technology trends such as Blockchain, Mobile, and Cloud to stay floating in a market driven by disruptive technology. So find a service provider that offers innovative and cutting-edge development services to all kinds of financial institutions. Adopting AWS for Fintech is a great choice because they’re a perfect match for each other. Also, these banking sectors and financial organizations can speed up their “go to market” and reduce the overall cost in comparatively less time. 

Mainly, Fintech companies are innovating within that unaided determined service space. There are various traditional cases for disruption, yet, many banks are facilitating Fintech performers rather than witnessing them as hazards by embracing techniques like developing successful ones. Do you know why big banks adopt such approaches? They adopt these approaches as they constantly keep them progressing as fast as startups.

In this post, we’re going to discuss the main reasons why AWS for Fintech is a match made in heaven and why it works so well. So without any further ado, let’s get started!

Why is AWS for Fintech a perfect match?

1. Performance and Scaling

Almost all Fintech companies are B2C startups. Are you aware of the application usage patterns? They are currently facing various spikes and bursts when it comes to Fintech. To resolve such requirements, Amazon Web Services provides an auto-scaling feature that makes sure that the performance is consistent during those surge periods. It can increase the number of Amazon EC2 instances automatically during demand spikes for adequate performance and lower capacity during breaks to decrease costs. 

Autoscaling is great for applications with regular demand patterns that experience weekly, daily, or hourly variability in use. Moreover, you’ll be surprised to know that the auto-scaling feature provided by AWS is one of the best Cost Optimization features that allows you to save money and scale. 

2. Support DevOps Culture

Implementing the latest features in your fintech industry is one of the best key value propositions. Not able to agree more? And to implement these features and rapid roll-outs, businesses have to adopt the processes of DevOps. 

Amazon Web Services provides built-in DevOps support by offering an off-the-shelf toolchain that is readily available. For testing and creating, the AWS toolchain offers a code pipeline for continuous delivery service. It allows you to host a private git for their codebase, and lastly, AWS Code Deploy for code deployment to any EC2 Instance.

3. One-touch Regulation and Compliance

While working on the AWS cloud, security is one of the major priorities. AWS users benefit from network architecture and data centers to achieve the requirements of the most secured business organizations. AWS cloud compliance allows its customers to comprehend the controls in place and maintain security in the cloud. Not only this, but AWS also provides cloud formation templates having standard three-tier web architecture on AWS illustrating integration with numerous VPCs.

To deploy the security architecture in simple and few clicks, then make sure you’re using the AWS cloud formation tool. AWS controls the security of the cloud infrastructure and safeguards the entire network, applications, content, systems, and platform. Despite this, if you’re planning to create virtual banking platforms leveraging architectures is also possible by implementing the AWS cloud compliance to achieve the core value proposition instead of managing the entire IT infrastructure.

4. 24*7 Availability

With the standardization of smartphones, it is clear that Fintech businesses’ should be available 24 x 7, just to make sure that customers are able to access all the services anytime and anywhere. AWS auto-scaling helps Fintech enterprises to sustain application availability and also allows them to scale the AWS EC2 capacity depending on the customer usage patterns. 

Implementing the AWS auto-scaling feature, Fintech companies can make sure that their applications are running effectively on an optimal number and resulting in effective AWS Cloud Management. So, AWS makes sure that Fintech development services are available 365 days.

5. Secure Transaction Data Backups

As we all know, the financial and banking industry is all about transactions. The data included in the transaction is generated to store for the future so that it can be used later for recovery if required. The transaction database is stored conceding with the disaster recovery regulations at various geographical locations. Moreover, processes are implemented to make sure that the recovery will be completed within a short time without any disruption. 

Apart from this, highly secure, fault-tolerant backups and DR are some of the most widely used use cases for cloud platforms. If you’re using AWS for fintech, then you are going to save more in the Information Security Compliance use case.

Final Thoughts

After reading this post, you can see that AWS and Fintech are match-made in heaven. Using the powerful capabilities along with software development lifecycle support that ranges from development to deployment, you can always count on AWS as it is a perfect match through the path of digital transformation.

If you find this post useful, do share it on social media platforms to help others.

What do you think?

Written by CHT Staff Writer

CHT (Chanuhacktricks) is an independent online publication that is a voice to the world of technology and marketing. Every month we reach over 10 million passionate technology enthusiasts who rely on us for news, reviews, features & product recommendations, etc.

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