The advent of financial technology (FinTech) brought about considerable efficiency, transparency, and accountability in the functioning of the banking and finance industry. Banks began welcoming and cooperating with their FinTech disruptors to manage technology trends such as Cloud, Mobile, and Blockchain to survive in a market powered by disruptive technologies. Amazon Web Services (AWS) adoption for FinTech has also led to these banking and finance companies accelerate lowering their costs immediately.
AWS is a considerably comprehensive and uniformly adopted cloud platform that offers 165 fully featured services from global data centres. The customers, such as profoundly growing startups, biggest enterprises, and prime government agencies, trust AWS to power their infrastructure, inject agility, and decrease costs. AWS’ solutions such as top-performance grid computing, data analytics, digital transformation, security and compliance, disaster recovery, offer innovative, modernised, and transformed business solutions also to the financial services industry.
The low capex cost associated with AWS makes it a considerably convenient and preferable computing infrastructure option for FinTech companies. AWS Cloud adoption offers some exciting benefits to FinTech companies such as 1-Click Regulation & Compliance, Seamlessly Secured Transaction Data Storage/Retrieval, Scaling & Performance, 24x7x365 Service Availability, and DevOps Support.
Banking and finance is swiftly adopting digital transformation solutions as FinTech companies (startups) are participating in “unbundling of the bank.” FinTech startups are innovatively offering only selected functions of the banks such as payments processing, or remittances, etc. AWS’ strong capabilities and support for the whole software development lifecycle from development to deployment compliments FinTech companies to navigate through digital transformation.
The AWS FinTech Day 2019 (FinTech Day) was held on 17 April 2019 in Mumbai. The thought leadership event, AWS FinTech Day, was organised by Amazon to assemble FinTech startups, influencers and leaders at one place. The FinTech Day examines the present innovation trends in FinTech and allows learning from real case studies of thriving FinTech startups. Experienced founders shared their advice on navigating the complex business environment, and facilitated networking to build strategic partnerships.
Top Chief Experience Officers (CXOs) from the FinTech startup ecosystem attended the free event where informative sessions were included. The sessions included were: “FinTech State of the Union–view from the Cloud, (latest trends in FinTech),” “Chai pe Charcha – Talk by FinTech Executive (Best Practices of scaling FinTech startups),” “Security & Compliance in FinTech (FinTech Compliance Essentials),” “CTO Panel Discussion: Putting the Tech in FinTech (Learning from the FinTech industry professionals),” and “AI in FinTech (Voice of the customer).”