How Has Cloud Technology Accelerated Fintech Adoption?
Nowadays cloud infrastructure in banking is taken as a given. It is though, a relatively recent shift from hosting all banking software or data onsite or in their own data warehouse – and has completely transformed access to critical tools and data much needed in this fast-paced world.
Historically, enabling access to software was laborious, making integration a complicated and lengthy task. While cloud technology was introduced in the early 2000s with Amazon Web Services, the seed was sown only after 2010 when major banks started extending their technological infrastructure into the cloud.
There is no doubt that cloud technology has become an integral part of the broader financial technology arena, accelerating all aspects from initial proof of concept to commercial enterprise-wide systems. Like many cutting edge fintech, we knew right from the start that it would enable onboarding of a fast, secure platform such as DealPro with minimal interruption for our clients. Here are the main reasons why:
1.Scalability and flexibility
Cloud technology offers complex technology at scale at the click of a button. For a young enterprise this means that the investment required to get started is far less than would be needed if physical infrastructure and services were required. It also means that a service like DealPro can offer world class availability to customers at the touch of a button.
2. Enhanced security
Even something as mundane as installing and running a database attracts a multitude of risks, if not performed correctly. Cloud providers pre-wrap all of their services with best practices so that many people can leverage this knowledge and learning. Cloud technology has embraced security wholeheartedly and offers a wealth of easy to enable tooling that is turnkey managed.
3. Minimum hassle client integration
DealPro is an MSaaS (Managed Software as a Service) product, meaning that our clients can access all the services it offers in a simple and secure way over the internet, in their own dedicated environment. Cloud technology is key to rolling out a product like DealPro to our clients as it minimises integration with their internal systems making its usage and adoption easier.
4. Accessibility and client experience
It is important that cloud technology enables DealPro to offer its services through various channels, including web and mobile. Clients can get more personalised experiences having access to real-time information and insights 24×7 from anywhere, be it, at their desk or on the go.
DealPro is therefore built with our debt capital markets clients in mind. It combines the scalability and cost-efficiency needed in banking with the enhanced security required to handle sensitive data. DealPro leverages cloud technology to deliver a robust digital solution that adds value to debt capital markets, bookrunners and issuers, right from day one.
By Rob Szasz, CTO, Finsmart