The impact of cloud computing on fintech is obvious. While the use of cloud technology in fintech services is still closed, the potential for growth is huge. Although the introduction of clouds is still in its infancy, fintech’s cloud services business is growing steadily. In addition, 22% of all fintech applications are currently in the cloud service. Nevertheless, this leaves considerable room for growth and innovation.
Going forward, banks can now easily collaborate with fintech startups. Most notably, startups develop from the beginning as a cloud base. The Fintech global market is expected to grow to $ 124.3 billion by the end of 2025, with a combined annual growth rate of 23.84%. As more and more companies move to adopt a digital payment system, the demand for fintech solutions is only expected to grow and drive market growth.
Want to know more about the benefits of cloud services at fintech and some of the critical trends that are shaping fintech as such? Keep reading to find out.
Critical trends and benefits of cloud services at Fintech
Some of the key benefits of introducing cloud services in the fintech sector are increased flexibility, better security, increased innovation, and increased scalability. These benefits are currently shaping the critical trends that are driving growth in fintech.
1. Data aggregation
It is essential to safely store findings such as account balance information, spending habits, budgeting, and cash flow. For example, compiling data from bank databases allows for proper processing. The availability and confidentiality of this search is very convenient not only for financial institutions but also for users.
2. Self-service application
From self-service kiosks to the fact that you can manage your bank account with a simple application on your handheld, self-service increases user independence and flexibility. When users can access financial information, send money, and even create a budget on their phone, they have more control over their finances. In other words, software development allows users to trade without the help of human representatives.
When it comes to financial data, security is an obvious priority. Therefore, with the power and security of cloud services, fintech executives can be confident that their information is secure. Similarly, traditional IT installations can threaten cyber attacks on phishing emails, but cloud services provide great flexibility through a security architecture.
The real impact of the cloud
Finally, it is safe to say that the Fintech community is dynamic and is driving the industry to move towards cloud services. Moreover, this is only expected to grow. Certainly, no matter what industry you are in, VEXXHOST experts can help you build private cloud infrastructure. Regardless of the scale of your business, you can benefit from critical development in the cloud. Contact us today to learn more.