The Cloud Journey: 3 Ways a Cloud MSP Can Help Address FinTech Challenges September 12, 2020 Compared to other industries on a cloud journey, FinTech’s are often seen as ahead of the game when it comes to digital transformation. While traditional companies sometimes struggle to adapt to emerging technologies, FinTech’s are known to boldly disrupt in order to deliver better value for their customers. The best place for FinTechs to keep disrupting, evolving and transforming their businesses and offerings is in the cloud. The Cloud Journey in FinTech While many FinTechs were born in the cloud, others are in different places along their cloud journey. Some have either completely migrated, are operating in a hybrid cloud environment, or have plans to make the move. But simply operating in the cloud isn’t enough. To make an impact on the industry and continue to differentiate offerings, FinTechs need to constantly innovate. As Forbes predicts, this innovation could include anything from hyper-personalization via big data and Artificial Intelligence (AI) to blockchain. This pressure to innovate while handling a rapidly growing pace of transactions, dealing with security threats, maintaining regulatory compliance, and providing a high level of service to customers with shifting expectations is immense. To stay focused on what matters most –– their business –– many FinTechs are turning to Managed Service Providers (MSPs) that specialize in cloud management and security. Here are three proven ways that cloud-focused MSPs can help manage FinTech challenges with the cloud journey: #1. Achieve Compliance Requirements and Strengthen Security One of the greatest and most critical FinTech challenges is achieving and maintaining regulatory compliance. With so much sensitive and personal data at stake FinTech’s can’t risk a breach or any mishandling of information. An MSP with expertise in the cloud can help FinTech’s harden their security throughout their cloud infrastructure in order to meet compliance requirements. At Carbon60, we go a step further. We’re SOC2 compliant ourselves, demonstrating our commitment to the trust principles on handling customer data within our operations. We also deliver cloud solutions and security services to assist clients that need to be PCI-DSS and OSFI compliant. This provides peace of mind to our clients who need to meet regulatory and organizational obligations on both public and private cloud platforms. Beyond compliance, an MSP can secure the FinTech’s systems, while ensuring the safety of cardholder data and protecting the company from vulnerability. Plus, it can monitor critical cloud environments, patch and update systems, provide access control, protect endpoints, as well as manage security incident and event management. Security and compliance can’t be left to chance. A next-gen managed cloud service provider is the best way to handle this significant FinTech challenge. #2. Optimize Costs One of the biggest benefits of the cloud is the ability to move investments from CAPEX to OPEX, but even better is the ability to scale cloud usage up and down as needed. A recurring FinTech challenge is losing sight of what’s necessary. While FinTechs focus on their business –– as they should –– they often neglect to pay close attention to their cloud usage. That’s where a cloud-focused MSP comes in, as they can identify ways that FinTechs can not only optimize their cloud usage, but optimize their costs. They can reorganize their IT cost structure and help FinTechs achieve continuous cost optimization, eliminating one more FinTech challenge. #3. Ensure Business Continuity As the COVID-19 pandemic has highlighted, businesses in every vertical need to be agile, nimble, and able to pivot quickly. For FinTech’s already well into their cloud evolution, the “new normal” wasn’t as disruptive as it was for some industries or organizations. But like every other organization, ensuring business continuity became a very real FinTech challenge. An MSP can help ensure business continuity no matter what happens. Whatever the cause, MSPs are able to protect and test against unplanned downtime with backup and disaster recovery services. Having this kind of assurance can keep FinTech’s growing and innovating their business without worry. Start Your Cloud Journey Don’t put your FinTech’s cloud infrastructure in the hands of a generalist. Find an MSP with the cloud experience and expertise you need to grow. To learn more about how Managed Cloud Services can keep your FinTech focused on innovation, visit here . Carbon60 is an MSP dedicated to helping businesses maximize the performance and security of their core application infrastructure with an agnostic cloud approach using public and hosted private clouds. A partner with both Amazon Web Services and Microsoft Azure along with major cloud and data centre technology companies, we have the experience and the expertise to support organizations wherever they might be on their cloud journey.