Cloud Native: The Recipe For Success For The Financial Sector

 

What comes to your mind when you think of cloud-native? Is it Microservices, Containerization? These are all part of the cloud-native architecture, but it’s not the whole. Adopting the cloud doesn’t only mean shifting entire services to the cloud, but it’s about leveraging that infrastructure and services to accelerate the digital growth of your business.

In this piece, we’ll discuss cloud-native, its architecture, its benefits, and its role in helping the financial sector. Here’s what you need to know:

What Is Cloud Native?

The concept of cloud native was introduced when the general public was allowed to access cloud computing and related services easily. However, the challenge at the time was to make and write such applications to leverage the unique and flexible architecture to achieve business goals.

This approach has helped organizations operationalize, modernize, build, and design applications to benefit from the cloud infrastructure regarding cost, scalability, agility, and flexibility. However, in the financial industry, firms partner with third-party software providers to increase their customer offerings and make their products a one-stop shop for all customer needs. 

 

Financial firms’ trajectory to digitize their operations have boosted service levels and digital competencies across multiple channels. So, these businesses can now avoid upfront investments in hardware, which will require costly maintenance down the road, and use that equity and resources on the core of the business.

Cloud Native Is Helping FinTechs Become More Secure

Cloud native services are largely dependent on third-party services providers, which makes it essential to identify critical areas where security is ineffective. Firms have efficiently overseen both the security risks and system tolerances.

Since financial institutions and Fintechs are connected to multiple entities across their value chain, they must consider the risk of taking on new vendors due to the increased threat of data breaches, disclosure of intellectual property, and unauthorized access to internal information.

One of the best ways to mitigate these risks is to conduct rigorous vetting and testing to ensure that third-party vendors meet the operation and commercial needs from a compliance and legal standpoint, delivery, support, commercial requirements, and operational needs. In lieu, third-party services providers are also shoring up their security and separating their data from primary system infrastructures.

Ideally, we would require a single-tenant cloud-based environment for each firm. This cloud-native application can eliminate the reliance on a central storage source and allow pain-free integration since their APIs can allow you to increase and optimize communication between different systems and programs easily. 

 

Some Cloud Native Solutions For Financial Firms

The number of cloud-native solutions continues to grow each year. They allow you to build and operationalize data and application integration and take advantage of your cloud computing model. It can help you increase your ROI, modernize, and consolidate your digital transformation.

Here are some cloud-native solutions that can you streamline your business processes:

Data Governance:

A cloud-native solution can help you identify data sources, what it means, and if the data is reliable.

Data Quality

The best part about using the cloud-native solution is that you can apply data quality logic across your organization using your business processes and rules. It’ll be done on a petabyte scale within one mapping. You can use third-party engines or your computing machines to apply the data quality rules the phone, email, and address verification services.

Data Integration:

Cloud-native solutions can help you integrate, prepare, and curate your data with one of the industry’s fastest engines, like spark-based elastic engines on Kubernetes, for processing terabytes of data in a few minutes. It can also help automatically scale your data pipelines and increase performance and efficiency fifty times more to transform your data sets on native-cloud eco-systems.

 

It can also help you save seventy percent of your data engineer’s time every month on a dynamic mapping framework, easy drag-drop experience with 100% pre-built templates and functions, and automatic schema drift support.

Data Catalogue

This tool will help and enable you to collect and discover knowledge about how your data is defined, where and how it’s located, its lineage, origin, use, and relation to other data. This knowledge becomes crucial when data sets become larger, more distributed, and diverse over time. It can help you compare and contrast current market trends and analyses to make sound corporate decisions.

Data Ingestion

Data ingestion and data lake ingestion is an operation that can ingest or consolidate all your applications, file streaming, and databases from multiple sources into a data warehouse. It uses different techniques and tools to generate real-time analytics and application synchronization to present a clearer picture of your services and customer satisfaction. 

 

Some Examples Of Cloud-Native Solutions

Here are some useful examples:

Grant Thornton

They’re an international and globally leading organization of tax, independent audit, and advisory firms. They use cloud-native solutions to accelerate their customer service delivery with quicker access to financial analytics, data, and client services.

2-1-1 San Diego

This is a resource and information hub that connect people with disaster, health, and community services. The cloud-native solution enables 2-1-1 San Diego to gather insights and data about its constituents and ensure resources are allocated and used where they’re most needed.

Get in Touch With A Renowned Software Development Company

If you’re looking for financial software development services, BBGC can help you. We help develop many cloud-native digital solutions for industrial manufacturing and other cloud-native retail solution to give you a competitive edge in the market.

Call us today to discuss your software development needs.