Many companies in the financial industry use some form of cloud computing. The cloud offers benefits for bringing new solutions to market faster and supporting high-performance offerings like Buy Now Pay Later (BNPL). More than half of these companies store or process regulated banking information within cloud services. (1)
But when FinTech companies are heavily reliant upon the public cloud, risks ensue. A recently published policy paper by the Bank for International Settlements cited the lack of visibility into risk management and control measures as a risk for financial firms using large cloud service providers.(2) Additional public cloud concerns for FinTech include:
Inadequate control: Lack of control over public cloud platforms’ security capabilities could potentially jeopardize customer data and make it difficult to meet stringent FinTech regulations.
Limited performance: Latency issues can hinder the effectiveness of advanced trading algorithms or the performance of customer-facing apps–damaging profits and customer experience.
Unpredictable costs: Constantly transferring large volumes of financial and trading data between systems can balloon operating costs with fluctuating and expensive egress fees.
The Bare Metal Solution
FinTech firms can address these risks by hosting their apps and workloads on bare metal servers. With no hypervisor layer, bare metal provides FinTech companies direct access to hardware, elevating workload performance and control. As a single tenant, your critical workloads won’t compete for bandwidth, enabling you to deliver high-performance financial services and experiences to your customers. Plus, bare metal enables FinTech firms to store and process large volumes of fast-growing data with predictable costs that offer significant savings over public cloud.
Ultimate Control with Evocative Metal
Combining the cost predictability, performance, and control of colocation with the flexibility of the cloud, Evocative Metal gives FinTech firms governance over their business-critical apps and workloads. Operating across the world, Evocative enables edge delivery to empower your financial services and offerings. Evocative Metal provides a litany of benefits to FinTech, including:
Eliminate the variable egress charges from moving financial data between systems and applications that make accurately budgeting infrastructure costs difficult. With predictable monthly billing and no hidden fees, Evocative Metal enables you to control costs and avoid cloud vendor lock-in. Evocative customers have realized significant savings (up to 80%) on infrastructure costs by migrating workloads from the public cloud to Evocative Metal.
Security and Governance
Every Evocative facility practices world-class physical and operational security, safeguarding your data. Moreover, the dedicated resources of Evocative Metal provide a stable and predictable environment, which is critical for maintaining the high-caliber security standards FinTech services require. With Evocative Metal, you can further leverage add-on services, such as web application firewalls (WAFs), DDoS protection, content delivery networks (CDNs), and more, to best address your unique security requirements.
The enhanced visibility and control of Evocative Metal also supports IT governance initiatives. This is a critical capability, as Gartner predicts that through 2025, 80% of organizations seeking to scale digital business will fail because they’re not applying a modern approach to data governance. (3)
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Regulations change constantly, and 93% of FinTech firms claim it’s challenging to meet compliance requirements. (4) Evocative Metal leverages the stringent compliance measures of Evocative data center facilities, adhering to standards such as SSAE, SOC, ISAE, and PCI-DSS. A majority (63%) of FinTech firms are trialing or considering using AI for risk assessment and compliance, while an additional 18% are already leveraging AI for this purpose. (5) AI-powered compliance requires high-performance computing. With control over your data storage and management and dedicated computing resources, you’re equipped with the tools and resources to meet current and future regulations.
Evocative Metal delivers high-performance, dedicated computing resources to meet the demands of AI workloads that can help you power data-intensive services. Plus, you can leverage Evocative Network Services to significantly reduce latency between metros, empowering you to reliably perform services such as high-frequency trading or offering instant microfinancing for BNPL.
Experience High-Performance and Ultimate Control
Contact us today to discover how Evocative Metal can enhance your security and performance all while controlling costs. Take Evocative Metal for a test drive and receive a $200 statement credit, with no commitment, today.