22 Jul What is SaaS?
Software-as-a-service (SaaS) allows companies to access and use cloud-based apps over the internet, instead of buying their own productivity software.FinTech firms tap into SaaS as they harness benefits such as end-to-end cost savings, data security, agility and scalability. Looking to next year, PwC predicts more FinTech firms will turn to SaaS to triumph over their post-COVID issues and for growth.
DadeSystems was designed as a SaaS application that runs with all popular browsers without any operating system dependency. The advanced accounts receivable automation software leverages open source technology that is robust, proven, and secure. This allows us to operate our technology infrastructure with a significant cost advantage over our competitors.
Companies that are on SaaS save massive capital each year. With the traditional model, enterprises had to pay professionals to install the software infrastructure. Through SaaS, however, you simply rent your solution on a pay-as-you-go basis from a cloud service provider. All the amenities, including the middleware, app software, and app data are installed on the app that the provider updates and maintains. SaaS allows finance services to get their services up quickly and reliably, at a fraction of their traditional cost.
Traditionally, companies had to hire professionals to set up the long and arduous process of software installation and upgrades. These systems had to be tested, maintained, and constantly developed. In contrast, FinTech companies that use SaaS have instant access to cutting-edge software that the cloud developer supports and upgrades.
Further, you no longer need to overhaul your software architecture or invest considerable money in upsizing or downsizing your business. Since SaaS cloud service providers use a large number of servers, users benefiting from their infrastructure have access to unlimited computing capacity that can be easily increased or decreased to meet demand.
In short: Through software-as-a-service technology, Fintech companies save software and transaction costs, increase their agility, improve their privacy and offer unlimited scalability to upsize or downsize as needed.
Add to that other benefits, such as that SaaS typically rolls-out faster than on-premises tools and internal applications; has extremely high resiliency and shaves transaction costs by replacing traditional customer service with automated 24/7 program walkthrough assistance – and you see why experts indicate aggressive SaaS adoption as a certain route for Fintech growth.