How the cloud is revolutionizing financial technology

In the past 18 months, financial institutions have had to make major adjustments to meet both changing circumstances on the outside and changing consumer behaviors and expectations. In order to keep up with these changes, financial institutions need solutions that are efficient without compromising security.

This is where the cloud comes in. By utilizing the cloud, financial institutions can not only reduce infrastructure costs, but they can also acquire products and services much quicker than under traditional circumstances.

With cloud-based solutions, financial institutions can innovate their businesses with the same speed as FinTechs and deliver a real competitive advantage.

One such company offering innovative cloud-based solutions is Cloudexa, which offers them through a Software as a Service (SaaS) model. ATM Marketplace spoke with Manpreet Singh, chief product officer at Cloudexa, to learn more about their solutions and how cloud computing can help financial institutions.

Q. What do you see as the cloud’s role in financial technology?

A: The cloud is both the present and the future of financial technology. We are seeing an increasing number of organizations exploring cloud solutions for their device monitoring and management needs. They offer efficiency and cohesion across various areas of business operations including field services, fleet management, analytics, security and more — all of which have been put to the test over this past year.

Q. What work have you done in the cloud?

A. As an ESQ company, we have developed cloud-based solutions utilizing 25-plus years of enterprise expertise in order to address new challenges and meet the evolving needs of the industry. Our SaaS platform and product portfolio is leading the FinTech disruption in several areas including transaction analysis, cash optimization, etc.

Q. How does Cloudexa help financial institutions?

A. Financial institutions can innovate their business with the agility that the cloud platform provides. As an example, in a quick and seamless manner, new services and products can be offered to financial institutions to meet their requirements faster and incrementally as needed in comparison to on-premise solutions.

Q. How does Cloudexa help save costs and boost ROI?

A. By leveraging the cloud, customers are able to eliminate infrastructure procurement and upkeep while streamlining processes to reduce operational costs. Additionally, ROI is boosted given the SaaS model and the freedom to choose what you use. This model is straightforward and predictable, which means customers clearly understand how much they are paying for and the value that is realized.

Q. How does your platform handle concerns regarding security and compliance to international standards?

A. The components of our platform are designed and developed using security and compliance standards such as PCI, GDPR, OWASP, among others. The Cloudexa platform undergoes regular audits by both external and internal specialists to ensure we are adhering to international security and operational standards. For more information, we encourage you to contact us to receive a copy of our Security & Compliance Overview document.