Siddharth Mehta beliefs, the cloud is driving the digital revolution in fintech

The Fintech industry has been significantly impacted by cloud computing. Because of cloud computing, financial services companies can now access, store, and analyze data more rapidly, securely, and efficiently than before. According to Siddharth Mehta Bay Capital CIO, Fintech companies today have a wide range of options and can develop novel products, services, and technology that are altering the financial landscape. 

Cloud computing makes use of distant servers and services as opposed to local servers or physical devices. Users can access data and applications over the internet or other far-off networks thanks to it. This suggests that businesses may choose for a cloud-based solution as opposed to, say, having to purchase, set up, and maintain an on-site chat server. 

According to Siddharth Mehta, a former director of IL&FS, the expanding fintech sector has more unicorns than any other sector. Due to the massive volumes of data that need to be managed, preserved, and processed properly, fintech is increasingly forced to employ cloud technology. This is in line with the Nature of the financial technology sector, which places a strong focus on speed, scalability, agility, and accountability for the custody of sensitive data. There, cloud-native applications are created, constructed, and maintained. 

Check this also : https://www.moneylife.in/article/covid-19-disruptions-speed-transformation-of-trade-finance-industry-in-india-report/62164.html

It is easier to deploy new features and solutions since these cloud-native infrastructure apps are built with the cloud in mind. Yet, according to Bay Capital CIO, on-premises applications are inappropriate for the environment and do not exist in a typical cloud-based environment. They were transferred to a cloud. 

The complexity of cloud-native apps is essential for financial services solutions because of the continual mobility and speed of transactions. For instance, a cloud-native design will help you scale for more frequent spikes in transaction volume to our systems and will provide you the foundation for expanding our current platform to include a robust API ecosystem. Furthermore, Siddharth Mehta said that "cloud-native apps' scalability and longevity mitigate the consequences of disruptions, particularly during periods of peak traffic." 

When you are aware of your unique needs, the best methods emerge. Of course, you won't be able to please everyone, but you must satisfy the most significant ones. If the unmet needs are significant, adapt the cloud solution to your needs rather than doing away with it altogether. The necessary standard best practises are listed below, and these will affect your own.

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