The quickly changing payments landscape and the unprecedented global pandemic are accelerating the need for fintechs and payments companies to scale and quickly roll out new features, products, and services. Here’s a look at how Google Edge can give those organizations an edge.
Cloud is no longer the future for fintech and payments infrastructure — it’s here now, and organizations without a roadmap for digital transformation or modernization risk irreparably falling behind. Google Cloud is standing out as an ally to fintechs by providing simple, intuitive cloud solutions to these disruptive organizations that need an edge to quickly answer a dynamic payments landscape.
Resilience, Security, Scalability, and Innovation
A trend that had gained significant momentum prior to the global pandemic has now accelerated at a lightning-fast pace: digital payments. Nearly everything — from buying coffee to getting a ride to work — can be paid for digitally, without cash or a physical card.
If the convenience factor lit the digital payments fire, Covid-19 was the lighter fluid to the trend. In addition to the desire for frictionless payments, consumers and businesses are looking for contactless ways to pay. Fintechs and payments companies that are ill-equipped to adapt to rapidly changing consumer needs are turning to the cloud to facilitate fast scaling, resilience, and the ability to quickly deliver innovative products and services.
To deliver frictionless, innovative digital payment options, payment service providers must embrace the agile infrastructure provided by cloud computing solutions. There are several big players in this space (Amazon and Google, to name a couple), and fintechs and payments companies are increasingly relying on cloud services to deliver seamless, invisible payments to the masses.
COVID-19 Disrupts Disruptors
As fintech and payment companies join the rest of the workforce in going remote, the ability to enable remote work capabilities for employees, and cost-effectively scale IT infrastructure is paramount. Cloud technologies facilitate the secure scaling of infrastructure and enable additional analytics capabilities.
Business continuity is a priority as companies navigate the uncertainty of the pandemic. A reliable modernized IT infrastructure that enables increased business agility and reduces operational risk is a necessity. The cloud can also allow fintech and payments companies to access and leverage emerging technologies like artificial intelligence (AI), which can play a role in online support, KYC, AML, and fraud prevention.
Even as some organizations still run mission-critical workloads on mainframe architecture, hybrid cloud environments can help unlock additional flexibility and resilience. Managed tools like Google’s Anthose can help organizations create a multi-cloud environment.
Financial services firms that utilize cloud-based tools can now process large amounts of data to quickly roll out innovative products and services that meet evolving customer expectations. This is especially important for fintechs and payments companies challenging the status quo and disrupting payments.
Atom Bank, the first mobile-only bank in the UK, leveraged Google Cloud to quickly respond to dynamic customer demand and quickly release new features and products. Challenger bank Revolut also tapped Google Cloud to answer exponential increases in transactions and demand. Google Cloud-enabled Revolut to scale quickly, automate deployments, and maintain stability and security.
How Google Cloud is Helping Fintechs and Payment Companies Thrive
Google and fintechs have a lot in common. For starters, they are both natural disruptors and seek to change the way people think about technology’s role in their lives. As innovators and market disruptors, they are adept at putting the consumer in the center of everything and building solutions around the consumer’s needs and preferences.
Google is now focused on helping fintechs thrive and is actively building out a fintech community. In this way, Google is able to fully understand the challenges these organizations face and react quickly to provide solutions that help propel fintechs forward. This includes releasing best practices, delivering user enhancements, driving product changes, and advising.
Its world-class partner network enables fintechs to build relationships within all facets of the Google ecosystem. Fintech engineers can connect with Google teams to obtain new perspectives and outside opinions and experiences. Tapping into these experienced partners allows fintechs to access help in solving complex problems.
The ability to quickly scale an environment on-demand and with zero downtime is necessary to support growth and innovation. On-premise hosted data centers simply lack the responsiveness to allow fintechs and payments companies to compete on a broad scale. Migrating to the cloud or building a hybrid cloud environment is exactly the type of resilient architecture needed to maintain pace with customer preferences, emerging technology, and innovation.