What Are Top IT Infrastructure Criteria For FinTech Companies?

 June 16, 2022

By  Kyrie Mattos

FinTech is a super popular area among startups and large giants. Large banks are investing a lot of resources in the development of digital solutions. They turn to top developers like Itexus to keep up with the trend.

Technologies in the financial sector are developing rapidly, but there is a nuance – the development of the industry requires the development of IT infrastructure, and in the current conditions for FinTech, the issue of its reliability and quality is more relevant than ever. So what challenges do FinTech companies face, and how do they solve them? Find the answers in our article.

#1. Sufficient computing resources

The cost of IT infrastructure is growing year by year, and this is just a fact of life. Key points include computing power and servers for data storage. Experts are experimenting with combinations of hardware and software environments, but it is unlikely that the growth of infrastructure capacity will slow down in the foreseeable future.

The complexity of machine learning models is growing, which in turn requires more computing resources.

What is the solution here? FinTech companies need different services, such as IaaS (Infrastructure-as-a-Service) or PaaS (Platform-as-a-Service). IaaS are dedicated or cloud servers and are well suited for data storage and computing. They can be quickly deployed for a variety of projects. Platform as a Service is a cloud-native solution for creating and developing your own applications and services, as well as working with data and clusters. These are Kubernetes, databases and more. Cloud-native here means that they take advantage of cloud systems, such as speed, flexibility and scalability.

#2. Data security

In terms of IT infrastructure, the needs of FinTech companies are no different from any other – reliability, efficiency, profitability, scalability, fault tolerance, but often they impose additional security requirements: there is a lot of sensitive information and serious regulation in the financial sector.

In some cases, FinTech companies are required to take increased security measures to work with technologies.

What is the solution here? Providing customers with both software and hardware protections to keep their systems secure (2F authorization, data encryption, biometric authentication, real-time alerts, etc.). Moreover, there are Managed Security Services – these are managed services that allow the client to ensure the security of his system, even without having a specialist on staff. The client transfers the security function to development companies, and engineers monitor the client’s infrastructure, manage protection tools, identify vulnerabilities, and provide advice.

#3. Observance of government regulations

Finance is a heavily regulated industry. Even if you utilize standard FinTech software that doesn’t employ blockchain or other technologies, the government will always intervene.

What is the answer here? Check for legal compliance before developing an app or employing software. You may also employ legal counsel to help you through all of the important aspects and rules if necessary. Before entering the industry, ensure that your legal team is aware of the most recent government rules so that you can promptly modify them.

#4. Mobile and technological expertise

Some financial institutions or banks in the FinTech business don’t provide adequate or easy mobile banking services. However, some banks attempt to imitate websites, but in this digital age, no one will choose a mobile app. Every user desires a smooth and user-friendly experience.

As a result, a lack of competence in FinTech mobile application development services results in the construction of uncomfortable apps that don’t fully utilize mobile devices.

What is the solution here? Your mobile app must have the following features:

  • Payments via QR-code and NFC
  • Automatic CC number scanning with a lense
  • 2F authentication with a finger-print

Wrap up

The biggest challenge for FinTech companies is that they have to balance between cost optimization and 100% data protection. At the same time, it is important for FinTech services to remain flexible in terms of additional capacity, both in case of peak loads and when developing new products.

Kyrie Mattos


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