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Major Fintech CRM Saves $400k per Month With AWS Migration
Industry : Fintech
Key Features:
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Moving a fintech Customer Relationship Management (CRM) system to Amazon Web Services (AWS) was a strategic decision that resulted in significant benefits for the company. AWS is a cloud computing platform that offers various services like storage, databases, and server management, allowing businesses to scale their operations efficiently.
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Firstly, shifting the fintech CRM to AWS led to a substantial reduction in server management costs by 75%. This cost-saving measure is primarily due to the pay-as-you-go model offered by AWS, where businesses only pay for the computing resources they use. Unlike traditional server setups that require upfront investment and ongoing maintenance costs, AWS provides a more flexible and cost-effective solution.
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Additionally, AWS offers enhanced scalability, which was crucial for the fintech CRM system to accommodate growing demands effortlessly. Scalability refers to the ability of a system to handle increased workload or user traffic without experiencing performance issues. AWS allows businesses to scale their resources up or down based on demand, ensuring optimal performance and user experience during peak times
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By leveraging AWS, the fintech CRM system gained access to a robust and reliable infrastructure with data centers located globally. This distributed infrastructure improves performance and reduces latency for users accessing the CRM system from different geographical locations
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Moreover, AWS provides a range of security features and compliance certifications, which are essential for fintech companies handling sensitive financial data. These security measures include encryption, identity and access management, network firewalls, and regular security audits, ensuring data protection and regulatory compliance.
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Overall, migrating the fintech CRM to AWS was a strategic move that not only reduced costs significantly but also improved scalability, performance, security, and compliance. It allowed the company to focus more on innovation and growth while leveraging the benefits of cloud computing technology.
Challenges Faced and Solutions Implemented:
Data Integration and Consolidation::
Managing multiple decentralized databases led to data silos, inconsistencies, and difficulties in generating unified reports.
Solution: By creating a centralized database on AWS, all data sources were integrated and consolidated into a single repository. This allowed for better data management, improved accuracy in reporting, and streamlined operations.
Scalability and Performance :
The existing decentralized setup lacked scalability, leading to performance issues during peak loads.
Solution: AWS’s scalable infrastructure provided the necessary computing resources to handle increased workloads seamlessly. This ensured optimal performance even during periods of high demand, enhancing user experience and system reliability.
Data Security and Compliance:
With decentralized databases, ensuring data security and regulatory compliance across multiple locations was challenging..
Solution: AWS’s robust security features, including encryption, access controls, and compliance certifications (such as PCI DSS for payment data), were implemented to safeguard sensitive information and meet regulatory requirements.
Migration Complexity:
Migrating data from multiple decentralized databases to a centralized database on AWS required careful planning and execution.
Solution: A phased migration approach was adopted, involving data mapping, cleansing, and validation processes. Tools and services provided by AWS, such as AWS Database Migration Service (DMS), were utilized to streamline the migration process and minimize downtime.
Training and Change Management:
Transitioning from a decentralized to a centralized database model required training agents and staff on new processes and systems.
Solution: Comprehensive training programs and documentation were provided to educate users about the benefits of the centralized database and how to effectively use the AWS platform. Change management strategies were employed to facilitate a smooth transition and ensure user adoption.