Securing the Future: Why Fintech Companies Embrace Google Cloud (GCP)

In the rapidly evolving world of fintech, staying ahead of the curve is no longer just an advantage—it’s a necessity. Falcon Harbison, a Senior Account Executive at Agile Resources, understands this all too well. One of the most significant trends Harbison has observed is the migration of their clients from traditional tech stacks like .Net and Java to Google Cloud Platform (GCP). This shift is not merely a change in technology preference; it’s a strategic move aimed at accelerating digital transformation, enhancing speed, agility, and scalability, and embracing modern engineering roles such as Site Reliability Engineers (SREs) and Golang engineers.

According to a recent Google Cloud article, financial services institutions are in the midst of a generational shift in enterprise technology toward the cloud. These institutions are betting on the cloud to accelerate their digital transformation journey and provide them with the speed, agility, and scalability needed to compete with fintech companies. A key aspect of this transition is modernizing legacy core systems, which are increasingly expensive to maintain and struggle to meet growing market demands for real-time, data-driven engagement and the agility to support open banking and embedded finance ecosystems.

Google Cloud is investing in and building an ecosystem of fintech partners and services that provide open-cloud, best-in-class security, and data capabilities to banks. Partnerships with next-generation core banking platforms like Thought Machine, Mambu, and Finxact are enabling financial institutions to deliver highly secure, scalable, interoperable, and extensible services. These cloud-native core banking systems leverage Google Cloud technologies like Apigee API management, Google Kubernetes Engine (GKE), and Security Command Center.

In addition to partnering with next-generation core banking platforms, Google Cloud has developed its own frameworks and partnership-driven solutions for advancing more secure, innovative, and data-driven banking practices. These include an Apigee-based industry solution for powering embedded finance/open banking, anti-money laundering (AML) services powered by Google Cloud AI/ML, and a BigQuery-based regulatory reporting solution that streamlines and automates how financial and risk data are managed and configured to support reporting needs.

The decision to migrate to GCP is driven by the platform’s robust security features. Google has long been a leader in online security, and GCP leverages this expertise to provide a secure infrastructure for businesses. This modern approach to software development also necessitates a shift in the roles and skills required. For instance, the role of Site Reliability Engineers (SREs) has become increasingly important in maintaining the reliability and stability of services in the cloud environment. SREs apply principles of software engineering to operations, focusing on designing and maintaining systems that are resilient to failures.

Similarly, the demand for Golang engineers is on the rise. Golang, also known as Go, is a statically typed, compiled language designed at Google that is known for its simplicity and efficiency. Its strong support for concurrent programming and its efficient handling of multicore and networked systems make it a popular choice for cloud-based applications.

Harbison and her team at Agile Resources have been building a pipeline of Google Cloud talent to support her flagship fintech client. Based on their data, her team has placed over eight GoLang engineers since early 2022, and those contract resources are still working on major initiatives for new anti-fraud projects. Her team has also been successful in identifying SREs for the same client. As of July 2023, Harbison said her staff has a team of five SREs associated with the GCP efforts.

As we witness this trend solidify, Harbison and the recruiting staff at Agile are working hard to stay aware of the best places to source and identify top Google Cloud talent. Deploying on Google Cloud, known as the cleanest cloud in the industry, helps financial institutions drive their sustainable finance and other ESG objectives. This commitment to innovation ensures that financial institutions can keep pace in today’s open playing field, with AI/ML driving customer experience personalization, new product development, and operational excellence.