The role of the cloud in the changing fintech landscape – CIO East Africa
The 2020s are the era of the cloud. Now I would like to say that 2021 is the era of the cloud yes, imbued with the adaptability and cutting edge innovations of Fintech. It’s not hard to see why companies 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 cloud migration. A lot of communication involves humans, and necessarily machine to machine, ”said Chad Toerien, Sub-Saharan Africa Leader at CloudFare. This made it clear that there is an urgent need for remote self-service technology. As the pandemic continues, and even after the pandemic is over, this need for hands-off technology will not evaporate. Conversely, it can increase, especially considering the continuous closures of brick and mortar techniques.
Individuals and businesses need to be able to open and manage their finances remotely, but there’s more to it. Internal staff must be able to manage processes remotely. This is where the obvious advantages of the cloud come in, with its high security attributes. For fintechs, acquiring and using data is a top priority, from onboarding and identity verification processes to account management, balance, verification, spending pattern analysis , etc. Data is essential, just like data is essential for the cloud.
“Cloudflare is the leading solution for Secure Access Service Edge (SASE),” Toerien continued, extrapolating that in this pandemic-driven remote working world, the cloud will become more important than ever, but with CloudFare’s defense mechanism. , there is an expectation that the pace of adoption will accelerate across many platforms as the industry builds a more accessible financial world.