The utilisation of cloud computing has played an enormous part in the burgeoning growth of the financial technology industry.
Cloud migration is serving as a key driver for digital transformation, enhanced financial inclusion, and operational excellence within this dynamic sector. It enables fintech businesses to propel expansion, improve flexibility, and provide more value to customers.
At a recent gathering hosted by Amazon South Africa, Michael Lazarus, Chief Technology Officer of Wonga, highlighted the company’s strategic shift to the cloud and the pivotal role this has played in improving its customer experience.
According to Lazarus, integration with Wonga’s software principles and practices, the product offerings, coupled with robust support and guidance, solidified his decision to partner with Amazon Web Services.
Initially rooted in the United Kingdom, Wonga has since established itself as a key player in the South African market, being locally owned and managed after separating from the Wonga Group in late 2019. Complex legacy applications and escalating on-premises infrastructure costs emerged as critical barriers to Wonga’s ability to meet the evolving needs of its customers.
Reflecting on these challenges, Lazarus says, “Our industry thrives on agility and innovation, and this requires businesses in the sector to fully embrace scalable and agile infrastructures,” he explains. “By leveraging cloud resources we can now easily adjust our infrastructure to match demand, ensuring both stability and responsiveness.”
“With our move to cloud, real-time release and change management have become standard practices, enabling swift and efficient deployment of updates, which ultimately boosts our competitive edge,” he continues. “This has enabled us to deliver our products and services seamlessly to customers.”
There are many advantages of migrating to the cloud. Lazarus reports that Wonga has experienced a change in scalability and operational efficiency, allowing for quicker response to market demands, and has made the introduction of its innovative new products and services much easier.
“Embracing the cloud not only optimises operational efficiency, but also strengthens security and compliance measures for businesses,” Lazarus emphasised. “This can include data backup and recovery, which are often built into cloud services.”
“Furthermore, businesses might save funds in the beginning by outsourcing infrastructure management to cloud service providers, which eliminates the need for building and operating their own data centres,” he says. “Moreover, many cloud services offer pay-as-you-go pricing arrangements that let businesses only pay for the resources they use, which further cuts expenses.”
Lazarus concludes, “The insights and best practices gleaned from this migration will enabling us to stay ahead of the curve, push the envelope and introduce innovative products to market much faster.”