Fintech Cloud Migration Services: Reasons for their Irresistibility

The reliance on fintech cloud migration services is increasing at an impressive pace because of many reasons and the reasons that are most prominent are documented below. The fundamentals and objectives associated with fintech cloud migration are also captured in detail. So, read on! 

Fintech Cloud Migration: An Overview 

Fintech cloud migration refers to the movement of data from on-premise servers to a cloud-based server owned by a service provider. The movement of data can also be between two different clouds. Hybrid cloud migration involves the partial movement of the resources. Microsoft Azure, Amazon Web Services (AWS), and Google Cloud Platform (GCP) are the most popular cloud migration service providers in the market. Cloud migration helps the fintech firms in streamlining their operations and expediting innovation.  

Fintech Cloud Migration: Let us dive into the details now 

Cloud migration helps the fintech players through a highly scalable solution that enables them to increase or decrease the resources as per the need and demand. This scalability ensures that there is no compromise in quality during the peak time and when the demand is low, significant cost can be saved. 

As per the Frost & Sullivan Global Cloud User Survey carried out in 2020 and sponsored by Microsoft, digital transformation across the fintech sector was driven by the cloud. As many as 239 business and IT professionals from the fintech sector participated in the survey. The respondents included managers, middle managers, senior managers, directors, vice presidents, and C-level executives. Multi-cloud adoption witnessed a surge of a whopping 70%. 78% of the respondents prioritized innovation, and 83% of them called themselves digitally advanced. 

The cloud migration process involves the following stages: 

Strategy Formulation: This stage involves the outlining of the justification for migration and the possible consequences of the migration. 

Plan: This stage involves the alignment of the migration plan to the intended business outcomes. The type of migration (absolute or partial) is also decided at this stage. 

Prepare: This stage involves the preparation of the on-premise as well as the cloud environments for the migration. 

Migrate: This stage involves the actual movement of data and applications to the cloud. The applications are tested to ensure that they are working as they should. 

Govern: This stage involves the implementation of all the best practices associated with security and cost governance. 

Manage: This stage involves continuous monitoring and management of the migrated applications in the cloud environment. The performance of the applications is improved through the updates and any new vulnerability that is identified is fixed on priority. 

The key features of the most prominent cloud migration service providers are listed below: 

Microsoft Azure: Microsoft Azure is a bundle of as many as 200 products and cloud services that are highly scalable and cost-effective. As per Microsoft, 95% of the Fortune 500 companies use Azure and over 65 trillion threat signals are analyzed by Azure daily. Microsoft also claims that security, privacy, compliance, and transparency are the foundational principles of trust associated with Azure. Multi-layered security is offered by Azure to ensure the safety of data centers, infrastructure, and operations. 

Amazon Web Services: AWS offers an extensive range of resources and guidance to help organizations in modernizing their applications by migrating to the cloud. The migration to AWS has resulted in a significant decline in the occurrence of security-related incidents and a considerable hike in productivity.  

Google Cloud Platform: GCP offers a rich blend of cloud computing services that enable the organizations to effortlessly build, deploy, and scale applications on Google’s infrastructure. GCP is extremely popular among the leading fintech players owing to its scalability, flexibility, and powerful security features. 

Fintech Cloud Migration: Benefits Galore 

Cloud migration offers the following benefits for the fintech firms: 

Facilitates Cost Cutting: Fintech firms migrate their infrastructure to the cloud because it saves a whopping amount of money associated with buying and maintaining on-premise hardware and software. The pay-as-you-go model ensures that organizations only pay for the resources that they utilize. 

Highly Scalable: Cloud migration helps the fintech firms in increasing or decreasing their resources as per the demand, volatility, and market trends. Scalability is one of the most tempting benefits associated with cloud migration. 

Staying Compliant is always easy: The fintech sector is heavily regulated and staying compliant is always a mandate. Azure flaunts compliance certifications including but not limited to ISO 20000-1, ISO 22301, ISO 27001, ISO 27017, ISO 27018, ISO 27701, ISO 9001, WCAG, CJIS, CMMC, CNSSI 1253, DFARS, EAR, FedRAMP, FIPS 140, ICD 503, IRS 1075, ITAR, JSIG, NDAA, NIST CDSF, StateRAMP, 23 NYCRR Part 500 (US), AFM and DNB (The Netherlands), AMF and ACPR (France), APRA (Australia), CFTC 1.31 (US), EBA (EU), FCA and PRA (UK), FFIEC (US), FINMA (Switzerland), FINRA 4511 (US), FISC (Japan), FSA (Denmark), GLBA (US), KNF (Poland), MAS and ABS (Singapore), NBB and FSMA (Belgium), OSFI (Canada), OSPAR (Singapore), PCI 3DS, PCI DSS, RBI and IRDAI (India), SEC 17a-4 (US), SEC Regulation SCI (US), SOX (US), and TruSight. 

Multiple Backups and Easy Recovery: Cloud migration service providers allow the organizations to store multiple backups of their data in several of their preferred countries and these backups can be easily recovered with a single click. 

Effortless Monitoring: The organizations can easily monitor their migrated data centers and key resources without switching the screen. 

Hexaview Technologies: The best cloud migration service provider 

Hexaview Technologies is a digital transformation organization engaged in offering fintech cloud migration services for over a decade now. Hexaview has an impressively lengthy list of happy and satisfied clients across the globe. 

Hexaview recently helped a US-based investment management firm in the migration of data from RedTail to Salesforce Sales cloud. SOQL, SQL, Java, Talend Open Studios, JIRA, and Box were the tools and technologies used in the project. Data was analyzed, mapped, modeled, and cleansed before the migration. 

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