The 5 best AWS alternatives for lending cloud infrastructure

Behind every successful digital lender, there is a technical infrastructure that makes all of the magic happen. When it comes to cloud infrastructure service providers, Amazon Web Services (AWS) takes the cake of being the global leader. 

AWS grossed $91 billion in sales for Amazon in 2023, which was 16% of the total revenue, yet it hauled in 67% of Amazon’s overall income. In simple terms, AWS plays a pivotal role for Amazon by providing most of its profits.

It’s no wonder companies worldwide depend on Amazon Web Services, from Netflix and Tesla to Lendsqr. But is AWS the only infrastructure you could use to power your system? Let’s find out five other alternatives, shall we?

Microsoft Azure

Is obviously the most considerable alternative after AWS. Azure is Microsoft’s public cloud platform created by Microsoft’s current CEO – Satya Nadella, when he was Vice President. One of Azure’s biggest customers, besides Microsoft, is OpenAI. Azure is comparable to AWS in terms of capability, pricing and performance.

Capability 

• Platform as a Service (PaaS) and Infrastructure as a Service (IaaS): Lenders can utilize Azure’s PaaS and IaaS capabilities to deploy and manage lending applications and services if they so wish.
• Storage solutions: Azure’s storage solutions, such as blob and file storage, enable lenders to securely store vast amounts of customer data, loan documents, and financial records.
• Database services: Lenders can leverage Azure’s database services, such as SQL Database and Cosmos DB, to efficiently manage loan data, customer information, and analytics.
• AI and ML: Image recognition capabilities for risk assessment to facilitate smart credit decisioning. 
• Hybrid cloud: Azure’s hybrid cloud services allow lenders to extend their on-premises data centers to the cloud, providing flexibility and scalability to meet fluctuating demand for lending services. This enables them to scale resources up or down based on loan application volumes or market conditions.

Pricing

• Pay-as-you-go
  • Create an Azure account and purchase cloud services at pay-as-you-go pricing.
  • Get monthly amounts of select services free.
  • Pay only for what you use beyond free amounts.
  • No upfront commitment. Cancel anytime.
• Azure savings plan for compute
  • Azure savings plan for compute is a flexible pricing model that provides savings of up to 65% off pay-as-you-go pricing when you commit to spending a fixed hourly amount on compute services for one or three years.
  • In the Azure portal, review your Azure Advisor recommendations and then add a savings plan or contact an Azure sales specialist or partner.
  • Choose a one-year or three-year term.
  • Set your optimal hourly commitment amount by referring to personalized recommendations based on your recent usage.
  • Enjoy flexible payment options—pay all upfront or monthly at no extra cost.

Feature read: How we used AWS to build our identity and liveness system

Google Cloud 

The Google Cloud comes a distant third to the AWS and Microsoft Azure platforms. Besides Google, one of the biggest customers of Google Cloud is Anthropic. Here’s an interesting tidbit: it’s rumoured that Monnify is the largest Google cloud customer in Africa. 

Capabilities

Google Cloud Platform (which provides public cloud infrastructure for hosting web-based applications) is a part of Google Cloud. Its capabilities include 

• Computing and hosting 
• Storage and database 
• Networking
• AI and ML capabilities
• Big data analytics 
• Machine learning. Learn more about GCP’s capabilities.

Pricing

• Anyone can start using the Google Cloud platform for free. GCP gives customers $300 in free credits to run, test and deploy workloads. All customers can use 20+ products for free with monthly usage limits.
• When free credits run out, Google offers GCP workloads under a pay-as-you-go model with no up-front fees and no termination charges. The Google Cloud Platform offers a wide range of features and products. The price of each depends on the product and its usage. Customers can access the official complete list of GCP products for more detailed information.

DigitalOcean

Although rare on the shores of Africa, DigitalOcean remains a global option. Even though it’s not as big or has as many products in its suite, pricing-wise, they’re more cost-effective and better.  DigitalOcean offers various services, focusing mainly on hosting applications and websites. When deploying DigitalOcean’s Infrastructure as a Service (IaaS) environment, developers initiate a private virtual machine (VM) instance, referred to by the company as a droplet.

Capabilities

• Creation of VMs
• Provision and deployment of Kubernetes clusters
• Database management
• Building and deployment of apps with the App Platform
• For object and block storage
• For networking tools like virtual private cloud, load balancers and firewalls.

Pricing

• Droplets: For just $4 per month, DigitalOcean offers highly efficient virtual machines known as Droplets. These enable users to deploy in seconds, scale up as needed, and run any workload, from mission-critical applications to low-traffic websites.

• Kubernetes: Starting at $12/month, DigitalOcean’s Kubernetes service offers simple, managed Kubernetes built for scale, including a free control plane, free bandwidth allowance, and additional features to automate and optimise performance.
• App platform: Get started for as low as $0 per month. We offer a simple, fully managed infrastructure solution that allows you to build, deploy, and scale apps quickly with zero infrastructure management required and high scalability.
• Functions: Starting at $0 per month, this serverless computing solution is designed to empower developers to build exceptional applications. It has a pay-as-you-go model and automatic scaling capabilities.
• Databases: Priced at $15 per month, offering fully managed and maintained services, including Managed MongoDB, Kafka, PostgreSQL, MySQL, and Managed Databases for Redis®. Enjoy worry-free setup, maintenance, easy migration, free daily backups, automated failover, and more.
• Spaces: Starting at $5 per month, it offers simple and scalable object storage with S3-compatible capabilities, high scalability, and a built-in CDN. Learn more about other DigitalOcean pricing structures.

Feature read: Why you need technology to scale your lending business

Alibaba Cloud

Alibaba Cloud delivers cloud computing solutions to online enterprises and Alibaba Group’s e-commerce ecosystem. The international arm of Alibaba Cloud is based in Singapore, with regional headquarters situated in various cities, including Dubai, Frankfurt, Hong Kong, London, New York, Paris, San Mateo, Seoul, Africa, Sydney, and Tokyo. Beyond being China’s leading cloud computing provider, Alibaba Cloud operates across 18 data center regions and 42 availability zones worldwide. You didn’t hear this from us, but rumors say the worry that the Chinese are going to be looking at your data hangs miserly over Alibaba cloud.

Capabilities

• Elastic Compute Service (ECS): Utilize high-performing virtual servers to process loan applications, handle borrower data securely, and manage lending platform operations with optimal performance.
• Cloud Enterprise Network (CEN): Connect lenders across different regions, enabling collaboration and data exchange while ensuring regulatory compliance. Usecase: Lendsqr’s Karma service.
• Object Storage Service (OSS): Safely stores vast amounts of sensitive loan documents and customer information.
• PolarDB for MySQL: Deploy a scalable, secure, and high-performance database solution fully compatible with MySQL, enabling efficient management of loan-related data, transaction processing, and analytics.
• Global Accelerator (GA): Improve the customer experience of lending applications by accelerating Internet connectivity globally, ensuring fast and reliable access to loan services for borrowers across different geographical locations.
• Security Center: Ensures round-the-clock security and protection of lending platforms and customer data against cyber threats, unauthorized access, and data breaches, enhancing trust and confidence among borrowers. Learn more about Alibaba’s capabilities.

Pricing

• Free Basic plan: Included with all Alibaba Cloud services.
• Developer plan: $19.99 will be deducted from your account immediately after you purchase the Developer support plan. You can choose whether to have it automatically renewed.
• Business plan: Starting at $100.00. The Business support plan charges will be based on your usage of cloud products. You have the option to opt-in for automatic renewal.
• Enterprise plan: Starting at $8,000. Enterprise support plan charges will be assessed based on your usage of cloud products. Learn more about Alibaba’s pricing.

Oracle cloud infrastructure

Oracle Cloud extends across 48 interconnected geographic commercial and government cloud regions. Distinguishing itself from other providers, each region provides a uniform set of over 100 Oracle Cloud Infrastructure services, ensuring consistent low pricing globally. Oracle Cloud offers a comprehensive suite of Oracle Cloud Applications and direct connectivity with Microsoft Azure to boost customer cloud strategies further. This allows customers to move easily between applications in the cloud. 

Capabilities

• AI and Machine Learning
• Analytics and BI
• Big Data and Data Lake
• Security
• Storage
• VMware
• Cost management and Governance
• Database services and tools

Pricing

Oracle offers a free cloud tier and takes a customer-friendly approach by systematically breaking down all its services. Learn more about this price breakdown.

Feature read: What problem is Lendsqr really solving for lenders?

There’s more than one cloud in the sky

When it comes to cloud infrastructure for your lending business, AWS may be a familiar name, but it’s not the only option. While AWS has undoubtedly established itself as a leader in the field, other viable options may better suit your specific needs and preferences. 
From Microsoft Azure to Google Cloud Platform and beyond, each cloud provider offers its own set of advantages and features. Before you decide, it’s worth exploring all the options above to find the cloud solution that best aligns with your business objectives and requirements. After all, there’s more than one cloud to choose from in the vast expanse of the sky. Send us a message at [email protected], and we’ll be happy to help guide you in your decision-making.