Why should FinTech industry opt for Cloud Migration

 In today's era, the need to be agile and become future-ready is not negotiable! Customers expect banks to provide the same kinds of seamless features and services they receive from companies routinely via digital innovation. A key component of Digital transformation is cloud migration. FinTech is no exception to this.

Let's discuss Why Cloud Migration is the need of FinTech,

Self-service applications: There is a dire need for remote self-service technology in this pandemic era. As the crisis continues, and even after the pandemic ends, people are getting more comfortable with remote technology use, this need will not evaporate, but it will only increase.

Cloud technology helps deliver this technology to companies and individuals at a relatively rapid pace.

Application modernization: The Application modernization process typically involves moving from mainframe-based legacy platforms to solutions built on cloud and other modern digital technologies. It enables an organization to protect its software and take advantage of the technology process.

Modernization can produce a wide range of potential benefits, including Digital competitiveness, Smarter use of talent, Better service, Lower risk, lower costs, improved efficiency, etc.

Containerization: A container is a portable computing environment that contains everything an application needs to run, from binaries to dependencies to configuration files. As a result, containerization has become a buzzword in cloud computing. Application containerization helps businesses modernize legacy applications and create new & scalable cloud-native applications faster.

Financial services companies can leverage their existing hardware, gaining the agility and flexibility of disposable infrastructure without a full-scale migration to the public cloud. In addition, a correct application can accelerate deployment, streamline workflows, and minimize infrastructure conflicts.

Containers offer an efficient way for the development teams to build, test and deploy applications on multiple environments from on-premises data centers to the cloud.

New security features: For fintech providers, security is crucial when adopting new technology, and they must ensure their systems have adequate measures in place. Cloud has proved reasonably secure if the proper steps are taken.

Customer information handling is very crucial for FinTech; they have recognized the threats related to it. The cloud allows them to safely, efficiently, and cost-effectively transfer this sensitive information between systems with strict verification steps and encrypted data.