The Royal Bank of Canada, for instance, has used cloud infrastructure since 2018 to speed up the development of its software products. Rather than having to wait for server resources to become available, the combination of highly elastic cloud infrastructure and containerised applications allows for rapid iteration and deployment of new features, which lets financial services companies respond rapidly to the ever-changing needs of the market. In many cases, this approach also allows cloud-based financial services organisations to be more agile than their more established traditional counterparts, as they can build and test new capabilities much faster. Instead of needing a big, expensive server deployment – which, chances are good, you won’t be fully utilising – you can spin up as much cloud capacity as needed and pay for it on a consumption-based model. This method involves focusing on a single, small-scale product or feature, then expanding it over time – which means that the cloud infrastructure required to deliver the service to customers is comparatively cheap and easy to manage. Many startups have used the ‘minimum viable product’ approach when designing their applications, which fits well with the cloud model. This includes household names like PayPal and Venmo, as well as new digital-native challenger banks, boutique lenders and even insurtech firms like TempCover. Since the turn of the century, the financial services space has exploded with fintech startups, most of whom have leveraged cloud technology to quickly establish their services without needing huge capital investments. Modern cloud platforms like G-Core Labs, however, have opened the financial services market up to organisations that don’t have these resources. Not only do you need large quantities of high-end server equipment to perform the necessary analytics tasks, you also need storage and networking infrastructure to support it, data centre space to house it in (along with the attendant cooling, power and maintenance costs that go along with it) and a team of highly skilled technical staff to ensure that your data centre remains operational and performant. This is because establishing these technical capabilities traditionally involves significant investment, in the form of data centre equipment and personnel. Historically, this has meant that the financial services sector has almost exclusively been the preserve of giant monolithic organisations, or those with sizeable amounts of pre-existing capital. Financial services organisations have to process vast amounts of data in order to track things like investment trends, market conditions and credit ratings, and all of these analytical processes have to be as close to real-time as possible. It’s home to a huge range of organisations, encompassing everything from traditional banks, lenders and insurance companies, to payment providers, wealth management firms and more.Īll of these organisations have one thing in common: they rely on immense technical capabilities in order to run their businesses. According to data from Research and Markets, the sector is expected to reach a global value of more than $22 trillion by the end of 2021. It should come as no surprise that the financial services industry is vast.
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