A driving factor behind the rise of fintechs has been access to technology and storage, at lower cost. Fintechs have leveraged these advantages to start offering niche based services with different pricing models as opposed to normal, location based technology.
Applications of cloud based fintech range from the obvious one like data and document storage to much more complex products like separating the elements of encryption in different layers. In addition, the cloud allows greater collaboration between developers and data analytics providers.
Other fintechs have utilised the cloud base to transact seamlessly across borders, allowing omni channel interactions.