Cloud’s revolutionizing impact on financial services: a game-changer in fintech.

April 13, 2024
1 min read


Cloud computing has transformed the financial services sector, providing scalability, efficiency, and innovation. It has allowed fintechs and insurtechs to rival traditional institutions, adapt at pace, and provide added value to customers. Collaboration between banks and fintechs has driven modernization and cloud migration plays a pivotal role in this transition. However, legacy banking platforms present challenges in integration with modern systems. Data sovereignty, security, and privacy concerns remain top priorities for banks migrating to the cloud.

Key Elements of the Article:

  • Cloud computing has reshaped the technology function in the financial services sector
  • Cloud-based capabilities influence product development, payments infrastructure, customer service, and cybersecurity strategies
  • The foundation for fintech innovation and the catalyst for leading fintechs and insurtechs is cloud computing
  • The cloud has allowed financial businesses to scale, deploy new services quickly, and focus on growth
  • Increased collaboration between banks and fintechs facilitated by cloud migration drives modernization

Cloud migration presents challenges for banks due to the inherent inflexibility of legacy banking platforms, requiring careful planning and expertise for a smooth transition.

Latest from Blog

Your Daily InsurTech Briefing – 2024-05-24

Let’s see what’s in the news today. Briefing: Two Insurtech 50 firms collapse amid continued investor … ‘Investors are becoming more democratic in their funding allocations,’ says global head of insurtech Read

Clara Analytics broadens insurance lineup.

CLARA Analytics Article Summary TLDR: CLARA Analytics, a leading AI technology provider for insurance claims optimization, has appointed Wayne Chung as CTO and Mark Tainton as Chief Customer Officer. Chung brings cybersecurity

Your Daily InsurTech Briefing – 2024-05-23

Let’s see what’s in the news today. Earnix and Exavalu partner to revolutionise property & casualty insurance pricing Earnix, a leading global provider of AI-based SaaS pricing and rating solutions for financial