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AWS or Azure: Which to choose for banking software development

The financial services industry is one of the most data-intensive and regulated sectors in the global market. The entry of new technologies over the last decade has also caused a great deal of confusion. For a variety of financial institutions such as banks, payments, insurance and capital markets, digitalization is essential to staying competitive. As a result, some of the largest financial sectors, such as Lloyds, Bank of America and Westpack, have moved to the cloud.

In addition, both Amazon Web Services and Microsoft Azure have devised financial services that offer great relief to help financial institutions reach their goals. However, choosing one of the best cloud service providers out there can be a daunting task. Therefore, it’s time to finally help you understand the basic concepts, differences, and features that make it easier to choose the ideal cloud infrastructure for your banking software, without further delays or deployments. It was.

AWS Financial Services

AWS is the most widespread and widely adopted cloud platform. Over the last two years, AWS or Amazon Web Services has played a more important role in the financial services industry. Deliver secure, reliable and resilient global cloud infrastructure and services to capital markets, banks, insurance and financial institutions, enabling them to stand out from other financial institutions for digitization. ..

Financial services built using AWS are Capital One, Allianz, Aon, Finra, Guardian, State Street and Coinbase.

Why AWS?

Fintech start-ups have the advantage of being based on cutting-edge technologies such as cloud, blockchain, web and mobile. The low cost of capital investment has been a source of interest for financial institutions. However, before making a choice, it is important to understand the features and benefits that the software can offer.

# 1 Seamless and secure data backup for transactions

Banks and other financial institutions are all about transactions. The transaction database should be stored so that it can provide disaster recovery regulations in different zones. Not only that, data recovery must be achieved in a short period of time without interruption. You can do just that with the AWS Disaster Recovery Policy.

Advanced security and fault-tolerant backup and DR are some of the key use cases for the AWS cloud platform. And if you’re a fintech company, you don’t have to worry about lengthening your data center cycle for backups.

# 2 Scaling and performance

Most fintech companies are for consumers. In short, we are fully aware of the ups and downs that we may face in our application usage patterns. However, AWS’s autoscaling feature, which guarantees consistent performance when you’re consuming a lot of resources, makes it easy to solve usage pattern issues. AWS automatically increases the number of instances during spikes and reduces capacity and costs during breaks.

# 3 One-click regulation and compliance

Security is a top priority for the AWS cloud. AWS users have access to a data center and network architecture designed to meet the needs of security-sensitive organizations. This helps the user understand the appropriate powerful controls.

With AWS Formation Tools, you can deploy your security architecture with just a click. Infrastructure security is managed by AWS, but app security is the responsibility of the developer.

Apart from security, AWS Cloud Compliance helps create virtual banking platforms and data security standard compliance in the payment card industry. It also automates processes that took months to complete, allowing you to focus on core banking responsibilities rather than managing your IT infrastructure.

# 424 × 7 Availability

For all fintech companies, 24/7 availability is essential to ensure that users have access to the service anytime, anywhere. AWS EC2 autoscaling helps FinTech maintain application availability based on usage.

Microsoft Azure Financial Services

Microsoft Cloud for Financial Services combines the capabilities of defense in depth with comprehensive compliance coverage to deliver a unique customer experience, enhance collaboration and productivity, modernize core systems, and manage risk. It promises to help all financial institutions drive sustainable growth and provides an analytics platform specifically designed for the financial services sector. It is designed for the most complex framework and regulatory needs. By applying artificial intelligence, Azure can turn insights into actions and help better decisions.

Organizations that use Azure for financial services include AXA, Manulife, ABN-AMRO, Franklin Templeton, and Fannie Mae.

Why Azure?

Microsoft Azure unleashes unprecedented opportunities and value. This is a robust partner ecosystem that extends the value of the platform with additional solutions to address the pressing challenges facing the financial industry. Now let’s take a look at the features and benefits it must provide.

# 1 Onboarding, service, support

With Microsoft Azure, financial institutions can create enhanced customer experiences such as customer onboarding, bank customer engagement, loan management, and other assistance. This allows customers to easily access loan apps and self-service tools to facilitate the loan process, improve customer experience and loyalty, while increasing employee and organizational productivity.

In addition, personalize all customer interactions with in-depth customer insights, engage with customers on your preferred channels, and manage service journeys between channels through sentiment analysis to reduce resolution times. Enables automation and collaboration across the front and back offices, as well as customers, improves business processes and minimizes errors.

# 2 Customer acquisition and engagement

With the exponential growth of data in the financial sector, organizations can integrate and use it to build a comprehensive view of their customers. Microsoft Azure can use that data to help you reach deeper insights to create better personalized actions to empathize with your customers.

This allows enterprises to strengthen virtual connections with both customers and employees to create upsell opportunities and at the same time attract new customers that meet regulatory needs.

# 3 Risk management

The nature of fraud and monetary crime is increasing, and it is important to identify outliers to protect financial institutions and their customers. As a result, Microsoft Azure helps prevent fraud with adaptive AI technologies that can learn to improve fraud patterns. In addition, you can leverage the benefits of scalable analytics and computing to enhance insights, reporting, and modeling.

# 4 Enterprise Operations

Last but not least, Microsoft Azure helps modernize older core systems to work in a more data-driven and agile way. It also supports APIs (Application Programming Interfaces) to support new models such as open banks to meet impeccable regular requests.

AWS or Azure – What do you prioritize?

Needless to say, both AWS and Azure help financial institutions stay ahead of the competition, while providing greater security, better customer engagement, and outstanding performance. And now that you have a clear understanding of what each can help your financial institution, you will find it easier to choose the one that best suits your business. Therefore, if you want to develop a web application, software, or mobile application that meets your needs, you should contact an experienced development team to assist. If you still have questions about either of these two cloud technologies, feel free to post a comment.




AWS or Azure: Which to choose for banking software development

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