Fintech companies—with their cutting-edge financial solutions and disruptive business models—are challenging the financial services status quo. However, successful disruption demands an effective digital transformation strategy and execution. To stay competitive in a space that doesn’t stand still for long, fintech companies are investing time and resources into digital transformation initiatives, including cloud infrastructure projects.
Fintechs are Choosing AWS
Many fintechs are choosing AWS as their cloud computing platform. This is no surprise—AWS is renowned for its scalability, security, cost-effectiveness, and strong ecosystem of developers, partners, and third-party solutions:
Scalability
Fintech companies must build today with tomorrow in mind—solutions need to accommodate current requirements and future growth. AWS has a proven track record of helping fintech businesses across the world scale their operations.
For example, Snoop, a cloud-native fintech startup, wanted to use the UK’s open banking system, introduced in 2018, to develop an app to help users control their finances. Rapid scaling was the only way to achieve this, and using AWS allowed the startup to scale from zero to one billion transactions in just two years.
Using AWS to provide the infrastructure the company needed to succeed in its mission, Snoop used Amazon’s Elastic Container Service to deploy, manage and scale containerised applications. The result? Savings of £1500 per year potential for customers, enhanced staff productivity and reduced overheads.
Security
Fintech companies, big and small, must also adhere to strict security regulations. AWS is a suitable infrastructure solution for fintech startups due to its laser focus on robust security. For example, Fibe, one of the leading consumer lending apps in India, chose AWS to optimise its platform for a growing market and maintain cost-efficiency.
But that’s not all—using AWS, the company was able to enhance security to detect fraudulent activity. The results of choosing AWS for Fibe speak for themselves. Fibe was able to boost loan application processing by 95% and prevent fraudulent loan applications in real-time.
Cost-effectiveness
Fintech companies, especially emerging startups with less access to funding, need cost-effective solutions. AWS is the ideal solution for keeping infrastructure costs down. Just ask INDmoney, a money app that provides users with a tracking platform powered by machine learning-driven recommendations.
As the company began to expand, engineers needed to find a way to lower costs by containerising its app in line with its shift to a microservices approach. After optimising its infrastructure setup with AWS, INDmoney were able to save 50 to 70% in cloud computing costs.
Strong ecosystem
AWS’ strong ecosystem makes it an attractive solution for many fintech businesses. The AWS marketplace, a curated digital catalogue for customers to find, buy, deploy and manage third-party software, data and services, holds particular value.
From infrastructure software (data analytics, security, network infrastructure, migration and storage) and DevOps (application development, infrastructure as code, monitoring and testing) to data (financial services, resources and public services data) and machine learning (natural language processing, generative AI, image, video and audio), fintech companies have a wealth of infrastructure solutions at their fingertips.
AWS for Fintech: The Challenges
Despite all these benefits, AWS has its challenges, especially for those who are unfamiliar with its inner workings. For example, the complex ecosystem may mean that you need assistance from experts to navigate the platform and devise and successfully implement relevant solutions.
That’s where Evolvere Technologies comes in. We understand the unique demands of fintech companies. This makes us the ideal AWS partner, providing you with bespoke AWS infrastructure solutions that cater to your exact needs. Whether it’s setting up secure and compliant environments for hedge fund accounts or deploying scalable architectures for high-frequency trading platforms, we have the expertise and real-world experience to deliver tailored solutions.
Make Evolvere Technologies Your AWS Partner
We’re keen to help fintech companies overcome the AWS barriers they face, whether it’s navigating initial setup complexity or treading the security and compliance minefield. To learn more about our AWS services, please read our recent blog post exploring what we do in more depth.
Contact us today to start your AWS journey or optimise your current AWS setup.