Amazon Web Services (AWS) is the biggest provider of cloud computing, which has “massively” lowered barriers to entry for financial startups, according to Antony Jenkins, the former Barclays CEO turned fintech entrepreneur.
He says tech firms used to raise millions of dollars just to buy servers; now, people who want to take on banks can use the tech giant’s cloud to quickly set up systems.
An example is Starling Bank, which is built on Amazon’s cloud.
CEO Anne Boden—previously a technology executive at Royal Bank of Scotland—says processes that once cost $30 million can be done for $30,000, thanks in large part to the cloud. Likewise, 140 people can implement what used to require ten times as many employees.