Business

Strategizing With Cloud Deployment Models: Hybrid Vs. Multi-cloud

Cloud computing is a necessity when it comes to business development for a variety of reasons. Specifically, when we take into account the fluctuating demand for data management during platform growth, we understand that there are many moving pieces during this stage. 

Cloud computing adds the much-needed structure to the platform and allows it to perform at a standard that ensures a quality user experience.

However, there need to be parameters put in place that cater to various needs of the platform such as storing data, managing resources, and ensuring that what’s being built is accessible and scalable. 

Simply put, whatever vision there is for a platform (website, web app, mobile app, etc), there are options that need to be weighed, especially when it comes to the integration of cloud computing tools. 

Cloud tools can make or break the performance and sustainability of your platform. What needs to be taken into account when weighing options for the best tools includes the following:

  • What specific needs does the platform have? How can certain cloud services assist these needs? Why?

  • Is the cloud provider reliable? Examine the past experiences of businesses that have used the cloud service. 

  • How much security and protection does the service provider offer?

  • Is the tool scalable? Flexible? Can changes be made?

  • What’s the company's budget? Is the tool financially viable?

When a company looks at that list, it may seem obvious that choosing the right cloud service provider is no small task but still they may not be clear on their options. In 2023, cloud computing services are the most advanced they’ve ever been, and innovation is only becoming more rampant.

Company “Needs”

You hear “it depends on the company's needs…” all the time, but what are these needs exactly? Well, in the case of cloud computing, the typical needs being filled are based on daily processes. 

For example, a healthcare organization may need cloud computing to manage patient data, store digital health records, or even facilitate secure communication. An e-commerce store may need cloud computing to handle its online transactions, manage inventory, and ensure data security for its customers' personal and financial information.

When it comes to strategizing how a company will structure their platform using cloud services, the two main deployment models are either hybrid cloud or multi-cloud, so with that said, here’s how to find the best option:

Multi-cloud? Hybrid Cloud?

The way a business chooses to structure its cloud systems is completely subjective. When it comes to choosing which tool to use and when to use it, there are a few things that need to be considered:

Multi-cloud: As the name implies, this feature utilizes multiple cloud services from various providers, as opposed to relying on just one provider to tend to all of the platform's needs. When it comes to flexibility and efficiency, multi-cloud is a great choice. 

For example, an organization can use Amazon Web Services (AWS) for data storage, Google Cloud Platform (GCP) for machine learning functions and analytics, and also Microsoft Azure for application hosting.

Hybrid Cloud: The “hybrid” refers to balancing private and public cloud systems. The difference between these systems is simply dictated by what the provider of each service offers (each comes with unique benefits). 

For public cloud - third-party providers use the internet to provide scalable resources to their users.

For private cloud - the computing infrastructure is owned and operated by the organization itself or by a third-party provider but is used exclusively by that organization.

An example of a hybrid cloud in action could be a business that uses a private cloud to store confidential data, while also using a public cloud service such as GCP or AWS to store non-sensitive data along with applications that need to have flexibility.

What this does is allow the organization to be more in control of their data security measures while at the same time having the privilege of the scalability aspect of a public cloud. 

Choosing One

When an organization chooses between these models, there’s one key determining factor behind the decision: the type of data being stored.

Different companies have specific data that needs to be secure and other data that needs to be accessible to users. So if an organization is looking to prioritize security, then a hybrid cloud model will be beneficial to organize as well as categorizing sensitive and non-sensitive data. 

On the other hand, if a company wants a platform that’s super flexible and that they plan on growing long-term, then multi-cloud could be a great option to recruit services that can handle a bigger influx of data and add-on features. 

What’s Next?

Inevitably, the long-term vision of the brand is a necessity when releasing any sort of digital platform. 

What is the goal when it comes to user experience? 

That is the key question that needs to be answered before resorting to cloud computing options. What happens once an organization has this answer is weighing the pros and cons of each solution as it will determine the logistics surrounding UI/UX design, the tech stack used, and the overall architecture of the platform.

Written By Ben Brown

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

 
 

Embedded Finance: The Key to Scaling Your FinTech Startup in 2023

For FinTech startups in 2023 and beyond, conventional banking methods may not even be on the radar anymore in terms of the services they offer. The focus is now on digital options that provide value to users both in terms of experience and financial well-being. Users need that extra bit of motivation not only when making investment decisions but when purchasing anything. 

Embedded finance is the change that’s made this shift away from conventional banking not only a viable option but a necessity for most consumers which has forced action from financial service providers. 

To put it simply, the concept behind embedded finance is to get consumers to use FinTech services that are already present on the platforms they use daily. For example, if you’re using an e-commerce platform like Amazon and you have the option to use BNPL, that is an example of an embedded finance feature. 

It is utilizing the banking tools offered by non-banking platforms (e-commerce, social media, ride-sharing apps, etc.) so that the consumer can get the full benefit of what the platform provides. 

Why is This Important to Know?

Understanding how to use embedded finance as a start-up or mid-size company in any industry is crucial to achieving scale. You’re not going to be making millions just by sending “hey we noticed you abandoned your cart…” emails because many consumers act on impulse

By non-banking platforms integrating financial services, they are providing value to their customers that is without a doubt going to be the separator between them and the competition. 

If we were to break down some of the key impacts embedded finance will have on the financial industry, the ones that stand out the most might look something like this:

User Experience:

First and foremost, the number one factor driving a successful platform is based on how much users - well, enjoy using it. What embedded finance does very well, in this case, is offer a seamless experience that is convenient and compatible. Without having to rely on a third-party provider, curious prospects are more likely to convert to paying customers when everything along the buying journey flows smoothly. 

Financial Awareness:

With the vast amount of features in embedded finance, users can view insights on their spending and saving habits. With this, platform providers can offer suggestions to their users. For example, a budgeting app could create a savings plan based on the data it collected from the users spending trends.

Revenue:

As mentioned earlier, prospects are more likely to convert when there are strategically embedded financial features in the platform. When the customer journey is good, the level of trust increases which makes the platform's value stand out to its users which keeps them coming back, and ultimately turns them into paying customers. 

Retention:

Building off the last point, having a solid user base is one thing. But the biggest issue FinTech companies will always argue about is how fast-paced and therefore competitive the industry is. With embedded finance, you’re more likely to have repeat customers and draw attention to your platform.

The Focus of Embedded Finance

You’ll notice most of this is focused on the user's benefits and that is because embedded finance offers nothing but benefits to consumers. The tricky part is how well non-banking platforms integrate the systems to make the vision a reality. For this reason, software development makes it possible to materialize the vision for the platform into reality. 

Software development for embedded finance can look different based on the goals of the platform but some essentials include the following:

  • API Development: A staple in any software development project for embedded finance, API development is what allows data to be exchanged and users to interact with the platform. 

  • Mobile: Accessibility is so important for users in 2023 especially when it comes to banking. Research is showing that a significant portion of the global population relies on mobile banking day-to-day (millennials especially).

  • Machine Learning: Since data analytics are at the forefront for effectively providing useful information to users, finding the shortcuts to efficiency like machine learning is important for businesses. What machine learning does is use algorithms to provide valuable suggestions to users by analyzing the patterns identified in their spending habits.

  • Payment Gateway: This is especially important for e-commerce platforms. Payment gateways are the IT systems that enable secure transactions between users and the platform. This is where private information will be stored (card details, authentication, encryption, etc.) which puts a lot of emphasis on quality software.

  • Compliance: When it comes to FinTech services, especially embedded finance, there are certain rules and guidelines that cannot be violated. KYC is a very useful and important aspect in this sense as it will mitigate risk and build trust between users and platforms. 

The Takeaway

Digital transformation is one thing, dominating the virtual marketplace is a whole other when it comes to the financial service sector. Embedded finance is not just a key component but a fundamental asset when it comes to running a successful platform. For any platform to be successful, custom software that is tailored to its needs can be the differentiating factor that keeps users coming back.

Written By Ben Brown

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

 
 

Digital Transformation in The New Age of Web Development & Design

The entire premise of web development and design is headed in a direction that’s going to allow everyone to get involved. This is due in part to what’s known as the no-code movement which is a much bigger topic than it’s gotten recognition for. This is essentially programming without needing to know how to program and being able to do so in a user-friendly way. 

For example: 

  • Squarespace

  • Shopify

  • Zapier

  • Mailchimp

These are all examples of no-code design platforms that allow users to break into the creative side of web development (using drag and drop), a skill they otherwise might not pick up. This trend suggests an entirely different future for anyone with expertise in design and/or coding. To better understand its significance, let’s go over what exactly it’s changing:

First of all, no-code does not replace the need for software developers, rather it frees them from time-consuming, repetitive, and less intuitive tasks. What this allows for is the team to focus on the overall look and feel of the platforms they create in addition to other complex tasks that go into web development. 

The other key benefit is that web developers and designers will be able to collaborate without the need for as much technical expertise. In addition, small businesses will have accessibility and control when it comes to maintaining their own websites.

Web Development Compared to Web Design

Web design is the front-end, interactive aspect of a website that visitors see. The best web designers use various tools such as Adobe Dreamweaver or Figma to create the most optimal user experience. Visual designers and UX designers create the following:

  • Design systems 

  • Mockups 

  • Wireframes 

  • Templates 

  • Colour palettes

Once the designs are created, they are passed over to developers to begin development. 

Web development is the execution phase, using code to bring the website to life based on the guidelines created in the web design phase. When it comes to this phase, the actual process of coding is going to be subjective based on the needs of the website as well as the business. Commonly, some of the programming languages used for web development include: 

  • JavaScript 

  • CSS 

  • Python 

  • HTML

  • Ruby on Rails

The Development Roles

Back-end developers concentrate on the site or applications infrastructure which includes security and hosting. The front-end developers are the ones who then handle the functionality of the platform. And lastly, the full-stack developers are involved in both ends. This process of software development and integration is fundamental not only to creating a solid platform but to sustaining it. 

The Reality of The No-Code Movement

The tools categorized as no-code platforms are great visual builders that are user-friendly and simple to navigate but still, code is being generated behind the scenes. So in short, these tools are great for users who want to give building websites and applications online a shot without having to write code but it is still a stepping stone. 

The no-code movement has a long way to go before it can say goodbye to programmers and even still, someone is at least going to need to upkeep the back end. However, these tools are still incredibly useful for everyone, especially software developers around 50% of which use these platforms. Lastly, these tools are not limited to just websites and applications. For instance:

There is so much variety that can really only enhance the amount of value software developers and software outsourcing companies have to offer businesses looking to undergo digital transformation. When it comes to scaling a business, some of the key benefits of no-code platforms are as follows:

  • Launch speed: In the best interest of company time and resources, no-code platforms enable businesses to release their solutions very quickly. Also, since collaboration between designers and developers is a viable option, the process flow is much more smooth. 

  • Flexibility: Businesses go through a lot of changes in their platforms that need to be able to happen quickly. Using these solutions, sales, HR, marketing, and other departments of an organization will have access to build and modify their tools. 

  • Cost: Small to mid-sized businesses will love no-code platforms since they won’t have to put a massive budget into engineers when they’re just getting started. 

  • Testing: Design concepts and trends can quickly be tested, and once results are uncovered, the team can configure the platform most optimally. 

Lastly

In every industry, processes, resources, workflows, and plenty of other important assets change. So if you think about that, the work we do today won’t look the same in the future. With that in mind, the obvious choice (if you intend to remain in your role) is to embrace the change and figure out how to use it to your advantage. 

Custom software development is at the pinnacle of these changes because, without effective software systems, businesses will have no ability to scale.

Written By Ben Brown

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.