Financial services will benefit most from cloud disruption

The fintech industry has grown tremendously in recent years, and it continues to grow due to emerging markets that incorporate digital financial services. Statistics show that the global fintech market will reach $190 billion by 2026, growing at a CAGR of 13.7%.

However, much of this growth in fintech is being accelerated by niche sectors such as software and digital payments. According to a 2019 research by the Cambridge Center for Alternative Finance (CCAF), a significant portion (over 70%) of fintech firms have adopted AI in various ways for their core business functions.

According to the chief executive of G42 Cloud, the financial services industry is at the forefront of critical sectors that will see the most benefit from cloud computing disruption.

Talal Al Cassi isn't the only executive or business analyst who sees financial services as the online area most prone to cloud disruption, and the writing is in some ways on the wall, with financial businesses already relying on cloud-based technologies. Have embraced reporting exceeding expected growth, performance and future outlook.

“In terms of industries that can really impact manifold from the cloud, financial services is huge, because it is so ripe for disruption,” Cassie said at Gitex Technology Week in Dubai. "The elasticity offered by the cloud gives it an edge versus an on-premises solution."

Financial services adopting cloud-based technology, such as Stripe, Checkout.com, Ayden and Block Inc., are at the forefront of the financial sector, with incumbents struggling to keep up with the pace of innovation and providing users with fails in. The next generation of financial services.

Getting a foothold in this race, especially in times of rapid innovation, can be very tempting for winners. According to Grand View Research, the global finance cloud market is expected to reach a market size of $105 billion by 2030, with a compound annual growth rate of 20 percent from 2021.

One reason the adoption of cloud-based technology fails is the security and privacy risks inherent in public cloud services. G24 Cloud's Cassie doesn't see this as a major issue: "Security isn't that big of a problem, if you're able to get people to embrace the concept of the cloud and understand its benefits compared to an on-premises site."

The benefits of shifting to a cloud-based solution are numerous and apply to many industries. This is a major reason why we are seeing a multi-industry shift to hybrid cloud computing, as everyone from manufacturers to hospitals see the value of moving some of their operations to the cloud.

"Cloud architecture eliminates the problems of data storage management that plague pre-cloud infrastructure," said Thomas Morganroth, iTechArt cloud computing reporter. Cloud computing in particular in banking means faster and easier access to data for regulatory reporting, risk mitigation, analysis, deep learning and risk management anomaly discovery.

Finance leaders are looking to the benefits of cloud computing, including better forecasting through real-time data analytics and insights. The potential to be more agile through modern data strategy has also been highlighted by finance CEOs.

Even though there has already been a lot of innovation in the industry, there is still value to change in a cloud-first strategy. Organizations starting their cloud journey have the added value of being able to look at past use cases, and work to build a more coherent cloud strategy that avoids the mistakes of the past.

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