Fintech Industry: How Cloud Computing is Fueling Growth
The fintech industry is one of the fastest-growing industries in the world. In 2021, the global fintech market was valued at $127.66 billion, and it is projected to hit US1.5 trillion in annual revenue by 2030.
Various factors drive this growth, including the increasing adoption of mobile banking and digital payments, the rising demand for financial inclusion, and the growing popularity of cryptocurrency and blockchain technology.
Cloud-based solutions offer several advantages over traditional on-premises IT infrastructure, including:
Scalability and flexibility
Cloud-based solutions can be easily scaled up or down as needed, making them ideal for rapidly growing fintech businesses.
Solutions built on cloud can help fintech businesses reduce their upfront IT costs and pay for resources on a pay-as-you-go basis.
Security and compliance
Cloud providers offer a wide range of security and compliance features to help fintech businesses protect their data and meet regulatory requirements.
Fintech businesses are using cloud computing to power a wide range of applications, including:
Mobile banking and digital payments
Cloud-based solutions enable fintech businesses to develop and deploy innovative mobile banking and digital payment solutions.
Lending and underwriting
Solutions on the cloud are helping fintech businesses to automate and streamline their lending and underwriting processes.
Investment and wealth management
Cloud solutions enable fintech businesses to develop and offer personalised investment and wealth management solutions.
Solutions predicated on the cloud are helping fintech businesses to reach underserved populations and provide them with access to financial services.
Cloud ERP Systems for Fast-Growing Fintech Businesses
Cloud enterprise resource planning (ERP) systems can help fast-growing fintech businesses automate and streamline their core business processes, such as accounting, finance, and human resources.
Cloud ERP systems can also help fintech businesses improve their visibility and control over their operations and make more informed decisions.
Here are some of the key feature of cloud ERP systems for fast-growing fintech businesses:
Cloud ERP solutions can help fintech businesses to manage their finances more effectively, including accounting, budgeting, and forecasting.
Solutions based on cloud like ERP systems can help fintech businesses to manage their customer relationships more effectively, including customer data management, marketing automation, and sales force automation.
Reporting and analytics
Fintech businesses also get real-time insights into their performance when they use cloud ERP systems, enabling them to make more informed decisions.
Cloud ERP solutions can help fintech businesses to meet their regulatory compliance requirements.
Fintech businesses can leverage cloud ERPs to detect and prevent fraud.
As with any solutions predicated on the cloud, an ERP system offers a high level of security to protect fintech businesses’ data from unauthorised access.
Cloud computing is playing a significant role in fuelling the fintech industry’s growth. These solutions offer a number of advantages over traditional on-premises IT infrastructure, including scalability, flexibility, cost-effectiveness, security, and compliance.
Fast-growing fintech businesses can benefit from cloud ERP systems to automate and streamline their core business processes, improve their visibility and control over their operations, and make more informed decisions.