Fintech companies have also started embracing the Cloud in order to become more agile. Cloud services allow businesses to scale capacity up or down quickly in order to react to customer demands in real time. This can be cost effective: you pay only for what you use.
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The cloud allows fintech companies to compete with larger (and older) financial institutions that may have more experience in the banking industry but can’t react to changing customer demands as quickly because they’re tied down by legacy IT systems. Integrating cloud technology can help smaller companies compete with the big names, as well as help larger institutions keep up with what their customers want.
No one knows for sure where fintech is going and what impact it will have, but it’s a safe assumption that this convergence of the technology and financial sectors will continue to play an increasingly important role. As fintech companies emerge to provide safe, secure, and seamless solutions for their customers, the ones that can do so the most efficiently and effectively will be the ones that rise to the top.