Cost Optimization at a modern Fintech

Context

Managing Cloud Costs is increasingly at the forefront of conversations about software and business costs. Here are 3 striking statistics that highlight the matter at hand:

1. Gartner forecasts that worldwide public Cloud End-User spending will reach a staggering $679 billion by the end of 2024
2. Flexera estimated that over 30% of Cloud spend is wasted in their 2022 State of the Cloud Report
3. The 2022 State Of Cloud Cost Intelligence Report by CloudZero demonstrated that only 3 out of 10 organizations know exactly where their cloud costs are going

Considering the amount of money at stake, it comes as no surprise that the web is inundated with countless articles about how to manage cloud costs.

At Cloudified, we understand the profound impact of cultivating healthy habits in cloud cost management.

We’ve witnessed firsthand the transformative power of a streamlined architecture compared to bloated infrastructures.

It’s why we’re committed to fostering meaningful partnerships that deliver tangible long-term results.

Our Engagement with 10x Banking

In 2023, we had the privilege of collaborating closely with 10x Banking, a leading player in the dynamic fintech landscape. In the fast-paced world of finance, staying agile while managing costs is paramount. As we reflect on our journey together, we’re thrilled to share the transformative impact of our partnership and the strides we’ve made in optimizing their cloud infrastructure.

Embedded within 10x Banking’s engineering department, we embarked on a shared mission to establish a robust cost optimization framework. Together, we formed a dedicated task force, bringing together the 10x Platform Engineering departments to tackle the complexities of AWS cost management.

But what did this look like in practice? The answer was different every day:

• Identifying and remediating unused/underutilized resources
• Simplifying or replacing existing solutions
• Enabling platform users to make better decisions by democratizing AWS cost related data

We had two overarching goals:

1. Continuously pursue leaner and simpler architectures leading to both lower AWS costs and software that is easier to understand and work with.
2. Consistent business oversight and guardrails on AWS expenditures. It’s important to strike a careful balance here – you don’t want to hamper creativity by adding obstacles to innovation or testing, but you also don’t want company funds inadvertently wasted on unnecessary AWS resources.

Results

Our collaboration was a massive success, culminating in a remarkable reduction of approximately 30% in 10x Banking’s AWS costs. This achievement wasn’t just about slashing expenses but also about simplifying their platform. It led to significant reductions in running and operating expenses while maintaining the highest standards of performance and reliability (no impact to users).

Our partnership with 10x Banking sparked a cultural shift within their organization. By instilling a deeper awareness of cloud costs across the business, we empowered their teams to make data-driven decisions and take ownership of resource optimization.

We’re immensely proud of the milestones we’ve achieved alongside our client. Our journey together exemplifies the power of collaboration and shared vision in driving transformative change.

Our expertise is empowering similar organizations to navigate the complexities of cloud cost management.

Ready to embark on your own journey to cloud cost optimization?

Reach out to us today and discover how Cloudified can help.