Cloud migration fosters innovation by adjusting on-premise datacenter, equipment, and resources to cloud-based infrastructure. It brings several benefits to organizations including making it easier to scale up applications and helping to reduce operational costs. In the world of finance, many organizations that are willing to adapt to the latest technology innovations are moving their business applications to the cloud, in order to stay competitive in the market.
However, understanding which tool to use while designing and developing cloud solutions is a core challenge that decision-makers face. In this blog, we’ll explore cloud tools being used in the financial services sector to drive productivity while building applications:
- Blockchain is a technology that has been around for years gaining some notoriety more recently with the rise of cryptocurrencies. In the financial sector, we have seen such open source frameworks as Ethereum and Hyperledger Fabric as great tools for creating and managing blockchain networks quickly and securely.
- EC2 (Elastic Compute Cloud) Auto-Scaling allows companies to use their own virtual servers for application development. EC2 Auto-Scaling also improves the productivity of applications and cuts costs on infrastructure due to its straightforward and secure scalability of various AWS resources.
- EMR (Elastic MapReduce) is a Hadoop framework that helps to process huge amounts of data use cases, including financial analysis, machine learning, and others, in a way that is both secure and cost-effective, making it a common choice for finance organizations.
- SQS (Simple Queue Service) helps streamline communications by passing messages between services. This helps developers focus on differentiating work and increases output and productivity.
Digital transformation in modern financial organizations requires rapid adoption and integration with reliable tools and providers. By putting the right processes in place and partnering with the right technology providers with the right tools, these organizations can accelerate their transformation to the cloud and scale their businesses faster—all while maintaining compliance with security standards and regulations.