Can you imagine managing your finances today without access to mobile banking apps or online payment systems?

The surge in popularity of the fintech industry is attributed to its ability to streamline financial transactions, enhance user experiences, and broaden financial inclusion. Now, individuals and organizations can access financial services without relying on traditional banks or physical infrastructure, thanks to the convenience of smartphones and the Internet. That’s the reason that the fintech industry is developing dynamically. In 2017, its revenue was approximately USD 90.5 billion, while in 2023 it will be over twice as much. It is forecast also that by 2028 the current value of USD 194 billion will increase to USD 492 billion (CAGR growth of 16.8%).

The competition in this market is very high. There are over 30,000 startups and large companies operating there. Therefore, organizations must do everything to remain competitive. One of the methods for this is full digital transformation, which is based on migration to the cloud.

Cost efficiency, security, scalability and flexibility – the undeniable advantages of the cloud computing

Cloud computing has equipped both financial firms and small fintech startups with the means to enhance their operations and transform their working processes. This technology enables them to leverage robust computing power and services without a significant upfront investment. Rather than purchasing expensive hardware and software outright, they can rent the necessary resources from the cloud, enabling them to compete with established industry players.

To handle sensitive information, fintech companies must adhere to stringent industry regulations. This is where cloud providers come to the rescue, consistently enhance their security protocols, incorporating techniques such as firewalls, intrusion detection, endpoint security, data encryption, audits, penetration testing, VPNs, and various other measures.

Cloud computing technology in the fintech industry brings additional advantages in terms of scalability and flexibility. Leveraging cloud resources allows the fintech sector to easily adjust its infrastructure to match demand, ensuring both stability and responsiveness. Whether managing millions of transactions per second or accommodating a sudden increase in user sign-ups, the cloud seamlessly adapts. Furthermore, cloud services offer secure access to data from any location with an internet connection. Fintech professionals and customers can access financial information and services based on their needs, regardless of their physical location.

Without a doubt, cloud computing offers the fintech industry and beyond numerous benefits that are hard to count on your fingers, and we have listed just a few.

But who will move your company’s data to the cloud?

The entire process of data migration to the cloud in the fintech industry must respect the highest quality standards. After all, this is sensitive data related to users’ finances. Therefore, the team of IT professionals must consist of high-class experts – emphasizes Magdalena Szarek, Head of Recruitment RITS Professional Services.

Let’s imagine the migration process in such a company. It requires a team with very broad competences. It must include:

• project manager, a cloud expert who manages the overall project,
• cloud architect, certified cloud engineer developing optimal migration solutions,
• cloud developer who carries out migration on an ongoing basis,
• cloud security manager, responsible for implementing, configuring and maintaining basic cloud security,
• compliance specialist, responsible for ensuring the organization’s compliance with GDPR requirements.

What if the company runs out of them? Our organization may lack, for example, cloud developers and compliance specialists who play a key role in the entire migration. It is also possible that there is a need to assemble an entire team because cloud technology is a wholly new issue for the company. The obvious solution seems to be the recruitment of new employees. The challenge lies in the fact that it incurs costs, and we’re not just referring to monetary expenses but, more importantly, the precious commodity of time, which holds significant value in the industry.

The solution we can offer you as RITS Professional Services is to outsource IT solutions and collaborate in various models, from staff augmentation, team leasing and managed services to tailor-made solutions.

If you’re curious about how we support our business partners in their IT projects, be sure to check out our  section: Case studies | RITS Professional Services.