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The Role Of Cloud In The Shifting Landscape Of Fintech

Not one to miss out, the fintech industry is capitalizing on the benefits of the cloud.

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The Role Of Cloud In The Shifting Landscape Of Fintech

The 2020s are the era of the cloud. Now, I would like to say that 2021 is the era of cloud yes, infused with the adaptability and cutting edge innovations, of Fintech. It is not hard to see why businesses are drawn to this relatively new technology known as Fintech, but what does this mean for the Kenyan tech landscape?

“What we are seeing from 4IR is digital transformation and migration to the cloud. A lot of the communication involves humans, and necessarily, machine to machin,” Said Chad Toerien, the Sub-Saharan Africa Leader at CloudFare. This made it clear that there is a dire need for remote self-service technology. As the pandemic continues, and even after the pandemic ends, this need for hands-off tech will not evaporate. Conversely, it may increase, especially if you consider the continuing closures of brick-and-mortar techniques.

Both individuals and businesses need the ability to open and manage their finances from a distance, but it’s not only that. Internal staff needs to be able to manage processes from afar. This is where the clear positives of cloud come in, with its high security attributes. For fintechs, acquiring and working with data is a top priority, from onboarding and identity verification processes to account management, balance, checking, analyzing spending habits, etc. Data is key, just like how data is key for cloud.

“Cloudflare is the leading solution for Secure Access Service Edge (SASE),” continued Toerien, extrapolating that in this pandemic-driven remote-working world, the cloud will become more important than ever, but with defense mechanism from CloudFare, there is an expectation on accelerating pace of adoption across many platforms as the industry builds a more accessible financial world.

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