Author(s): Ashmitha Nagraj
Cloud computing and microservices transform financial services by offering scalable, affordable, and secure solutions for core functions. This paper explores how financial institutions can make the most of Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) models to manage large volumes of sensitive data, improve fraud detection systems, and streamline compliance with evolving regulations. This paper proposes a cloud-native architecture emphasizing microservices design principles, modularity, and independent deployment to increase agility, reduce operational overhead, and foster rapid innovation. This paper demonstrates significant cost savings, tighter security controls, and faster time-to-market for new banking features through a comparative analysis of real-world case studies. Decoupling monolithic applications into more minor services enables financial organizations to experiment, test, and deploy upgrades without disrupting mission-critical transactions. Ultimately, the synergy between cloud computing and microservices enables financial institutions to provide enhanced customer experience, stay competitive, and attain sustainable growth within a highly regulated industry.
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