Cloud finance trends that changed the ways of the world
Finance services have become a major industry in recent times. With the rise of industrialization and capitalization, cloud technology has become key determinants in the finance sector. 2020 is the cloud era as claimed by fintech professionals. Almost all organizations in every sector are migrating their databases to cloud technology. According to statistics, almost 55 per cent of companies use cloud-based accounts. In 2020, it was found that a good chunk of a company's budget(approximately 32 per cent on average) is allocated to cloud technology. Businesses are increasingly preferring cloud technology over other forms of data storage. The fintech industry, in particular, is being transformed by cloud technology trends of better accessibility and security of data, etc.
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What is cloud technology and how is it associated with fintech?
Cloud computing is a major sub-domain of computer science that has been in great demand lately. Cloud computing involves the use of clouds, which are abstract objects located on remote servers and store data. This data can only be accessed by a specific set of systems. Huge databases are not stored in local storage but on remote servers called clouds. This is one of the most trending technologies in the industry. The fintech industry is driven by cloud computing. Almost all fintech companies have migrated their databases to the cloud. Storing data in the cloud has numerous advantages for the company. Hence, the fintech industry greatly relies on cloud computing services.
Why is the demand for cloud computing rising in the fintech industry?
Almost all companies have migrated their databases to cloud technology. There are several reasons for companies choosing cloud technology over local storage methods.
- Enhanced data security
Fintech industry data is highly confidential. Fintech companies handle a vast range of clients, some of whom are celebrities and prominent businessmen. Compromising on the security of confidential Intel could be disastrous. When cloud technology was being developed, there were severe security concerns. However, through the implementation of multiple encryption techniques, data security has increased greatly. When the infrastructure is used by well-trained employees who are well aware of access control, cloud architecture can do wonders. To ensure that the confidential data of clients do not fall into the wrong hands, fintech companies prefer migrating to cloud storage.
- Smoother data management
Data management is a key aspect for fintech companies since data is equivalent to gold for them. They run on data, and without its efficient management, they cannot function smoothly. Fintech companies analyze several stats like remaining balance, spending patterns, and money management. Without sufficient structured data, it is impossible to analyze and report. Hence, fintech companies must be exceptional at data maintenance and management. Maintenance of large databases on local storage could be inefficient. Transferring the database would be impossible and since it is stored on a single device, it could be lost.
- Data accessibility
Data accessibility is a crucial feature when it comes to a collaborative culture. Multiple systems may need access to the data, and having the data on all the systems is not feasible. It would be a waste of effort, space, and time and also unaffordable. Cloud computing enhances data accessibility greatly. Since the data is stored in an abstract cloud, it can be accessed by any system with the access key. This way, all the systems can collaboratively work on the database.
What are the benefits of becoming a cloud computing architect?
Cloud computing is determining financial service trends and is thus in great demand. Almost every fintech company is migrating to cloud architecture. This creates a growing need for cloud computing experts in the industry.
A career in cloud technology has several benefits.
- Job security: since the demand for cloud architects is high, it is a highly stable field
- High packages: cloud computing fetches you a handsome salary
- Scope: ample opportunities are available as it is a fast-growing field.
How does an updated cloud computing course look?
In your updated fintech online training, several core cloud computing topics are covered. A few of the core modules of the cloud computing course are an introduction to BFSI and fintech, digital transformation and RPA, cloud computing and economy API. The core modules contain the basics of the fintech industry and how cloud computing plays a major role in it. After the core module, the cloud computing course also has a pro module. Here, you'd take a deeper dive into modern banking and cloud computing solutions. The fintech online training drives you through all the important topics of the domain and gives you practical knowledge about them.
Who can enrol?
Cloud computing in the fintech industry requires you to have at least a basic understanding of finance and accounting. Anyone with a bachelor's degree in finance subjects can register for the course.
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