FinTech companies are growing fast and furiously thanks to the rapid adoption of technology and the prevalent use of smart devices. However, they have major challenges: customers expect more affordable and easy-to-use products and services, and FinTech companies have limited resources. Choosing the right IT infrastructure to support growth and innovation while keeping costs low is of critical importance.
The solution allows FinTech companies to delegate infrastructure management to the cloud so that they can focus efforts more on business development. It helps to achieve better user satisfaction, faster go-to-market, and higher cost-efficiency. Cloud infrastructure allows FinTech companies to easily scale up and down with full control while staying compliant with regulatory requirements.
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FinTech Challenges and Solutions
From limited technological know-how to strict regulatory processes,
FinTech companies are facing a wide variety of challenges that can potentially limit business growth.
High Customer Expectation
Customers expect better services from FinTech companies than traditional financial giants. These customers expect an easy-to-use product despite complicated regulatory requirements. They prefer smarter and more instant customer service. These customer expectations are pushing FinTech companies to set up an agile development process and maintain a fast-paced product rollout.
Rapid Growth but Limited Resources
Most FinTech companies are start-ups with limited resources but need to support fast business growth. Examples include KYC processes, frequent releases for integration with more third-party products, transaction processes, and internal and external reporting requirements. How to choose the right technical platform that can support business growth is a challenge to most CTOs.
High Business Continuity Requirement
Financial business is sensitive to service instability and data inaccuracies. Both regulators and customers require transactions to be processed accurately and quickly with near-zero downtime. FinTech companies must have solid business continuity capabilities, such as running on a reliable, highly available platform to be able to recover from disasters.
Higher Customer Satisfaction
Many FinTech companies handle consumer-facing business with users on the other side of the transaction. This means that the speed of transaction processing, low-latency, and dependable infrastructure are critical for customer satisfaction. The solution provides distributed infrastructure that is scalable and reliable and delivers low latency to meet your customers’ expectations.
More Resources for Core Business
This solution allows FinTech companies delegating infrastructure management to Alibaba Cloud. They only need to pay for what they use, don’t have to worry about maintaining and upgrading hardware. By eliminating the heavy lifting of infrastructure maintenance, FinTech companies can focus more on their core business for better customer satisfaction.
Fast Go-to-Market and Expansion
To continuously attract customers, FinTech companies have to frequently release new products, upgrade existing applications, and launch marketing campaigns. Cloud infrastructure enables you to easily scale up and down as needed. Additionally, with 89 zones available in 30 regions worldwide, FinTech companies can rapidly go to a new region.
How It Works
Fintech most time are on-line business: user experience, transaction process, customer service is all on-line. So the infrastructure that supports business needs to reliable, scale and stable with reasonable cost.
This solution provides the ability to easily scale up and down with no upfront payment. Deployment on more than one zone will help the organization to achieve better user satisfaction and meet business continuity requirements. Database hosting services of Alibaba Cloud allow enterprises to spin up and scale database instances on demand. These services provide automated monitoring and backup and disaster recovery capabilities throughout the transaction processing. Additionally, security services like WAF and Anti-DDoS Service help FinTech companies focus more on application security instead of infrastructure security.
Fully managed and less trouble database services.View Detail
Object Storage Service
An encrypted and secure cloud storage service available from anywhere.View Detail
A high-performance and scalable container application management service.View Detail
It is common for FinTech companies to expand globally into new regions. In most cases, the customers and business applications are located in one region, while the backend systems are deployed in a different region. In this way, the cross-region network has a poor quality and high latency, and the network acceleration has become an issue that has to be considered.
This solution provides a way to quickly connect different regions using Alibaba Cloud global networks to support the performance of online applications. Alibaba Cloud provides a cross-border network solution for multinational enterprises that is compliant with the border gateway protocol (BGP) and has 89 route choices. We provide high-speed BGP routing, with additional services for enterprises in Hong Kong. Alibaba's global infrastructure and dedicated support team help FinTech companies quickly expand into new regions.
ApsaraDB for Redis
A key value database service that offers in-memory caching and high-speed access.View Detail
Cloud Enterprise Network
A global network for rapidly building a distributed business system and hybrid cloud.View Detail
Elastic IP Address - BYOIP
A public IP address resource that you can purchase and use independently and can bring your own IP addresses for migration to Alibaba Cloud.View Detail
Migrating to the cloud is the right decision to make, but the public network IP registration process is complex and the security protection capabilities are weak.
How can you keep the public IP on the cloud?
How can you provide security protection for the cloud business?
How can you get it done with minimal disruption to your business?
Alibaba Cloud offers comprehensive services and resources to ensure a smooth migration: from pre-migration evaluation to migration planning, from data migration to business application migration, and from network migration (bring your own IP to the cloud (BYOIP)) to security services. The expert team has a proven track record in migrating services from on-premises data centers and other cloud vendors to Alibaba Cloud.
Data Transmission Service
Supports data migration and data synchronization between different data engines.View Detail
Data Transfer Plan
An easy-to-use traffic package that you can purchase at affordable prices.View Detail
Regulatory Compliance for Financial Industry
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