The reliance on technology is more than normal for a FinTech business to provide innovative solutions to users. Increasing competition and the digital transformation wave are the prime factors behind this dependence on tech. FinTech, however, is one of the most data-concentrated sectors, keeping users’ data as a base to provide valuable and modern services. Storing every aspect of critical information in the on-premise server can’t be good for a FinTech business.
Lack of scalability, high investment, data silos, and more are the loopholes making it difficult for a business to sustain. Here, cloud migration can aid a FinTech company in enhancing its operational efficiency, scalability, and security in this tech-focused world. Cloud computing can significantly help businesses in this domain to effectively scale their operations, manage extensive datasets, and effectively maintain the reliability of their services.
However, the subtle nuance lies in whether you opt for the expertise of cloud migration consulting companies. Shifting your on-premise to the cloud requires a structured strategy to overcome any hurdles along the way. Consider that you work with a skilled and highly experienced service provider for this. For this, consider some essential points that can help you along.
Key Areas to Focus on While Opting for Cloud Migration Services
Moving from on-premise to cloud requires a detailed roadmap that highlights your business-specific needs. You will indeed require hands-on experience to perform this shift. Working with a niche-specific team can be a remedy.
However, the point to focus on is how experienced a company is and how expertly it can perform migration tasks. Hence, to do this, you must consider some essential points that will help you find the right service provider for your project:
- Define Your Requirements
Before opting for cloud migration services, the first thing to consider and work on is being well-versed in your requirements. You must understand the primary objectives of migrating to the cloud, keeping in mind your project-specific goals.
- Are you looking for a cost-effective solution?
- Is the on-premise server’s performance the primary issue?
- Do you want to improve the scalability of your solution?
- Are you looking to level up the security of your FinTech solution?
This way, you can define what you want from this cloud migration and how helpful it will be for your project. Ensure you clearly define your project goals to help you find the right company.
- Check Financial Industry Experience
After that, you can conduct in-depth research to accumulate the right cloud migration consulting service providers. You can contact them and include those on your list with a deep understanding of the industry and who have previously delivered top-tier FinTech projects.
- Consider Security and Compliance
Security is the topmost factor to consider; ensure that the list of experts you have created adheres to the industry standards, like PCI DSS, ISO 270001, and more. These standards are vital in securing sensitive FinTech data. Also, check whether a service provider offers robust data encryption services at rest and in transit to safeguard solutions from unauthorized access.
- Analyze Cost
Once done, you must invest your time comparing the pricing models that different cloud migration service providers offer. Look for the ones with transparent pricing structures and check how effectively they fit with your financial projections. Also, check the cost-optimization strategies that they provide to assist you further in managing the cloud costs.
- Evaluate Migration Expertise
The next step is to assess their proficiency. You can check their expertise by looking at the portfolios of the teams you have included in your list. You can also evaluate their tools or strategies to migrate an on-premise solution to the cloud. Moreover, look for a project broadly specific to your needs and how skillfully they have helped them.
- Assess Support
After hiring a team and building a quality-focused FinTech solution, errors and issues are normal over time. Hence, look for a team that provides timely support and reliable assistance in creating a top-tier solution.
Conclusion
The blog outlines some essential aspects when looking for a cloud migration company. Follow them to hire the right team for your project. The experts will help you perform cloud migration more easily by considering the effectiveness of your data. Consider that you have conducted in-depth market research, keeping these points as the base. When done effectively, you will hire the right team for your project. Consider all the essential aspects while researching for a better and more enhanced choice.
Author Bio
Helen Ruth is an experienced cloud migration expert with in-depth knowledge of FinTech projects. She brings valuable insights from her expertise working on finance cloud migration projects.