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Fintech

The document discusses key factors for a fintech company to consider when choosing a cloud service provider. It analyzes Amazon Web Services (AWS) based on 5 criteria: 1) regulation and compliance support through automated processes, 2) secure transaction data backups and disaster recovery, 3) auto-scaling for performance and cost optimization, 4) 24/7 availability through auto-scaling, and 5) supporting rapid development through DevOps tools. Based on this analysis, AWS is chosen as it meets the requirements for a fintech company to focus on its core services rather than managing infrastructure.

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Soham
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288 views2 pages

Fintech

The document discusses key factors for a fintech company to consider when choosing a cloud service provider. It analyzes Amazon Web Services (AWS) based on 5 criteria: 1) regulation and compliance support through automated processes, 2) secure transaction data backups and disaster recovery, 3) auto-scaling for performance and cost optimization, 4) 24/7 availability through auto-scaling, and 5) supporting rapid development through DevOps tools. Based on this analysis, AWS is chosen as it meets the requirements for a fintech company to focus on its core services rather than managing infrastructure.

Uploaded by

Soham
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Fintech- Choosing a

Cloud Service Provider


Assignment- Which cloud service provider to choose?

Soham Dakhole 8/18/19 ISM


Financial companies have a benefit of having a cutting-edge technology such as cloud, mobile and
blockchain technology. These are of great use when it comes to compliance following and data
mining which requires updates tech and proper resources. Cloud service providers like Amazon
Web Services, Google Cloud Platform & Microsoft Azure are some key players in the market.

1. One Click Regulation & Compliance


On the AWS cloud, security is of the highest priority. AWS users can benefit from the data center
and network architecture built to meet the requirements of the most security-sensitive
organizations. AWS cloud compliance enables customers to understand the robust controls in
place.
Above all, you can create virtual banking platforms that meet payment card industry (PCI) data
security standard (DSS) compliance by leveraging architectures from AWS cloud compliance.
AWS can automate processes that once took months to complete and lets you to focus on core
value proposition and customer service rather than managing the IT infrastructure.

2. Seamless and Safe Transaction Data Backups


Highly secure and fault tolerant backups and DR is one of the major use cases for cloud platforms
like AWS. As a Fintech co., you need not worry about the long procurement and provisioning
cycles of data centers for Backup. Further, AWS provides huge savings for Fintechs just in
Information Security Compliance use case.

3. Performance and scaling


Most of the Fintech companies are consumer facing i.e B2C startups. You must be already aware
that the usage patterns of the applications will face many spikes and bursts. To cater to such needs,
AWS provides auto-scaling feature, which ensures consistent performance even during those surge
periods. It can automatically increase the number of Amazon EC2 instances during demand spikes
to maintain performance and decrease capacity during lulls to reduce costs. Auto scaling is ideal
for applications that have stable demand patterns or that experience hourly, daily, or weekly
variability in usage. Moreover, the auto scaling feature is one of the best AWS Cost Optimization
feature, which helps you save more as you scale.

4. 24 x 7 x 365 Availability
With the democratization of mobile phones, it is evident that Fintech companies’ services have to
be available 24 x 7 x 365, just to ensure that customers can access services anywhere, anytime.
AWS auto scaling can help Fintech companies to maintain application availability while also allow
them to scale the AWS EC2 capacity up or down automatically according to customer usage
patterns. However, by leveraging auto scaling, Fintech companies can ensure that their apps are
running on optimal number of AWS EC2 instances, resulting in effective AWS Cloud
Management. Ultimately, AWS ensures Fintech companies’ services are available 24 x 7 x 365.

5. Supporting DevOps Culture


Rapid rollout of new features is one of the key value propositions for Fintech companies. Could
not agree more? And to achieve rapid roll-outs, Fintech companies must embrace DevOps
processes. AWS provides built in support for DevOps by providing ready-to-use complete tool
chain. This AWS DevOps tool chain consists of AWS code commit for hosting a private git for
their code base, AWS code pipeline.
So, I choose Amazon Web Services.

Soham Dakhole 24148 ISM- Assignment

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