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FinTechs are transforming the world of banking, introducing innovative digital products and services to the market. This is no easy task, where data losses and downtime are often recurring issues, preventing FinTechs from reaching their full potential.
In this blog post, we introduce three key cloud solutions to help Fintechs manage their data in the right way and unlock the value of their information.
Recently, we worked with Alipay, helping this leading payment platform deploy a high availability architecture across its data centers and regions.
ApsaraDB for OceanBase forms the foundation of Alipay's solution. This financial-grade database provides the high stability, scalability and performance demanded by today's FinTechs.
During the 11.11 shopping festival it supported Alipay's transactions, payments and accounts, providing financial-grade consistency by using the Paxos protocol and data verification mechanisms.
OceanBase is also a highly versatile solution, meeting Alipay's disaster recovery capabilities while providing an RPO of zero and an RTO of less than 30 seconds.
Plus, ApsaraDB for OceanBase follows a distributed design concept, where common PC servers are added with ease, reducing Alipay's dependency on high-performance machines. As a result, the database was built at one-third of the cost of a commercial database.
It is quick and easy to plugin Alibaba Cloud's big data solutions to an existing cloud infrastructure, allowing you to collect or manage data from multiple sources.
MaxCompute is one such solution. It is a large-scale data warehousing solution that allows FinTechs to process enormous amounts of data.
MaxCompute supports multiple data import solutions and distributed computing models, allowing you to query massive data sets with ease. It provides multiple scalable data tunnels, historical data tunnels, and real-time incremental data tunnels for transmitting data.
It can also handle the biggest of big data requirements – making it the perfect solution for the FinTech industry, supporting exabyte levels of data storage and petabyte levels of data flow.
This is also a cost-effective solution, providing more efficient computing and storage services than an enterprise private cloud, and reducing the purchase cost by 20% to 30%.
Our Quick BI business intelligence service is another easy-to-use and valuable solution for today's Fintechs. It supports data analytics, data exploration, and reporting on massive amounts of data using a drag-and-drop UI and a rich variety of visual features.
As a result, FinTechs can make informed, data-driven, profit-making decisions based on the results of a Quick BI analysis.
FinTechs large and small have used our Quick BI service, which provides them with a range of analytic capabilities that were previously performed by professional data analysts.
In summary, these are just three examples of the data-driven solutions Alibaba Cloud provides to the FinTech industry. Each one provides FinTechs with a reliable, versatile and highly cost-effective solution, allowing these businesses to continue innovating and transforming the financial services sector.
Alibaba Cloud is a world-class cloud provider with extensive experience in the FinTech space. To find out more about our work, download Big Data and Blockchain: Innovative Fintech in the Cloud white paper today.
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