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.

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