Cloud Computing in Financial Services AWS Guide

Written by Haim Yefet FinOps Engineer @ Cloudride

You can’t afford to wait when it comes to shifting to reliable infrastructure. Technological change is happening faster today than at any other time in history, and in order to thrive, businesses must embrace digital transformation through leveraging cloud computing. Banks and other financial institutions need reliable, fast, scalable, and secure cloud computing to maintain a competitive edge in the industry.

A case in point is the steady rise of the Fintech industry that has brought efficiency, accountability, and transparency in the ways the Banking & Finance industry operates. Banks and their Fintech must now modernize and leverage cutting-edge technologies in Mobile, Cloud computing, and crypto wallet technology like blockchain to survive in a market-driven by disruptive tech.

Amazon Web Services (AWS) brings the universe’s most adopted comprehensive cloud resources to provide organizations with easy access to IT services like security, storage, networking, and more. This helps businesses to lower IT costs, transform operations and focus on delivering market demands.

Reasons for IT Decision-Makers in Finance to Adopt the AWS Cloud

Easy Compliance

Security is critical for cloud financial service companies when migrating sensitive client data to cloud servers. AWS Cloud Financial Services ensure client data security is strengthened from their data center to their network and architecture. This cloud is designed for security-conscious organizations. AWS enables deployment of securer cloud architectures.

In an instant, IT executives can:

• Deploy a secure architecture
• Secure your apps by customizing your security requirements to protect applications, systems, platforms, and networks
• Design virtual banking simulations that meet strict compliance requirements in the finance sector
• Automate all banking processes securely in a short period

Integrating DevOps Culture

Companies that churn out new finance features-such as money management apps-for their markets have been able to stay ahead of the curve and own the most significant share of the market. The only way for Fintech companies to achieve quick roll-outs is to embrace DevOps processes.

AWS cloud services for Fintech offers inbuilt support for DevOps by providing a ready-to-use complete toolchain to provide developers with a private hosting git for their codebase to build automatically, test, etc.

Full-time availability

Speed and availability are critical in addressing today’s business challenges in finance. The market needs to access financial services all the time without encountering downtime, delays, or technical hitches and through internet accessing devices of all shapes and forms. Therefore, Fintech Companies have to be available 24/7, 365 days a year.

AWS cloud services for Fintech are stored in secure servers to ensure the availability of client data and allow their customers to scale their EC2 capacity up or down according to the usage demands of their consumers. Virtualization enables Fintech companies to run apps on multiple AWS EC2 instances and has their services available 24 x 7 x 365.

Efficient, safe, and seamless data backups

The finance industry runs on transactions. Everyday transactional data must be managed efficiently in databases for future access. Transactional databases must be stored in line with localized disaster management and recovery protocols. In addition, processes dealing with data recovery in case of data loss must be accomplished instantaneously.

AWS’s industry-approved data recovery policies will ensure you recover your data in case of disruptions like natural disasters, power failures, etc., with the click of a button; thus you need not concern yourself with long bureaucratic procedures for data Backup associated with data centers.

Scaling and Performance

Fintech companies mostly deal with the consumer directly. Most likely, the load reliance of their digital apps will experience fluctuations in peak period use as the level of demand for these resources fluctuate with customer demand.

Therefore, the AWS cloud services for Fintech have servers that downgrade or upgrade automatically to provide constant performance based on traffic. If your organization makes use of applications with predictable server demand patterns in usage, auto-scaling is the most cost convenient resource you can migrate to.

How agile is your current infrastructure?

The future of financial services is cloud computing, and legacy IT infrastructure will be completely phased out as it can no longer support the needs of the financial market. Let Cloudride help build your infrastructure and network on AWS with guaranteed optimizations in costs, security, and performance. Click here to book a meeting.

Originally published at https://www.cloudride.co.il.

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