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Here’s How the Cloud is Revolutionizing Health Tech and FinTech

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Everything You Need to Know to Invest Wisely in the Cloud


During the first phase of the pandemic, many companies were forced to drastically rethink the way they worked. Rapid digital transformation became necessary to survive financially, support evolving consumer needs, and help keep workers connected.

Overcoming the Model of Office and Lab Work With Cloud Computing

Cloud computing systems have allowed enterprises, schools, and government organizations to overcome pandemic-induced challenges and meaningfully accelerate innovation and agility toward the market.

The cloud-computing industry is expected to grow to nearly $500bn in 2022 (from $243bn in 2019). Amazon’s Web Services alone is growing 33% per year. This accounts for 75% of the company’s operating income in the last year.

Rather than returning to the way things once were, business leaders must continue disrupting industry stagnation with emerging technology. Here’s how the cloud is revolutionizing health tech and fintech industries.

Cloud-Based Services are Ripe for Disruption

In healthcare and dental services, business leaders have historically faced issues with “on-premise” storage — in-house systems that can limit scalability and storage. As diagnostic systems become more sophisticated, on-premise servers and aging infrastructure severely limit the ability of providers to implement new tools and leverage the data they already have.

The limitations also create patient-side challenges. These challenges include difficulty accessing health records, scheduling online appointments, and connecting different healthcare providers for multi-system health needs.

While these issues have existed for years, pandemic-induced healthcare overwhelms exacerbated problems, making it even more difficult for many patients to access necessary care.

Upgrading EHR to Better Cloud Systems

Solving these problems means upgrading to better systems that can work more quickly, save costs, and evolve with consumers’ and patients’ needs. In a recent case study, MIT Sloan examined how Intermountain Medical Center in Utah modernized its aging in-house EHR system to address common challenges.

Intermountain substantially improved patient outcomes by upgrading the technology powering its 22 hospitals and 185 clinics while saving millions in procurement and internal IT costs. The MIT analysis confirms what we know to be true: Streamlining patient management with cloud-based systems can reduce attrition rates, recapture lost revenue, and build stronger, lasting relationships with patients.

How Does Updated EHR Work for the Dental Industry?

In the dental industry alone, the average practice loses 20% of its patients, one of the highest attrition rates in healthcare. Even a minor 3% reduction in attrition could result in $72,000 of additional production per year. Cloud-based services streamline communications, replace archaic booking systems and help patients remember appointments. When outmoded systems are replaced, it prevents long wait times that are already helping dental providers see tangible improvements in their retention rates.

Finance & the Cloud

In the financial sector, banks scaling through cloud-based technologies are doing better at tracking fraud activity, expediting loan applications, and responding to flurries of customer activity based on market fluctuations. Cloud-based tools also allow banks to implement new mobile banking features, detect money laundering patterns, and automate analyses of underwriting decisions with AI.

Unfortunately, many banks lag behind in cloud adoption, relying on internal servers with inherent limitations. Currently, only 12% of North American bank tasks are handled in the cloud. Ninety percent of U.S. banks have digital transformation initiatives in place but haven’t converted to them. While titans like Wells Fargo and Capital One are either currently using cloud technologies or in the middle of migrating over — Bank of America built its own cloud. The updated and improved cloud-based technology has saved Bank of America billions of dollars.

Highly Regulated Systems are Slow to Adapt

Organizations in highly regulated industries are often slow-moving sectors and are historically hesitant to move data out of on-premise servers and data centers.

The pandemic revealed just how impactful such a move can be. Migration to cloud-based software allows for better service for constituents. The benefits of cloud reveal a reduction in costs and IT issues and high flexibility to respond to unexpected challenges.

Updating and retiring legacy systems also provides the foundation needed to support long-term growth and scalability. Cloud-based solutions are set to alter how these previously stagnant industries addressed their long-standing challenges at a fundamental level.

Featured Image Credit: Provided by the Author; Unsplash; Thank you!

Kiltesh Patel

Kiltesh Patel, MS, MBA, is the founder and CEO of tab32, a cloud-based technology platform designed for better oral healthcare outcomes. tab32 was recognized for its growth and leadership by making the Inc. 5000 fastest growing private companies list in 2022. He has 20 years of experience in enterprise technologies and medical informatics and has dedicated his career to positively impacting patient care, utilizing his expertise in Health Information Technology (HIT) strategies. Patel has led several large-scale NIH-funded projects at the San Diego Super Computer Center, researching privacy and compliance, big data, and genomics. He served as the Director Of Technology and Medical Informatics in Health Sciences at UC San Diego, where he utilized data for health informatics and translational scientific research and where he received his MBA. Previously, he served as the Product Manager of Informatics and Medical & Health Sciences at UC Davis. As an industry expert, Patel is a member of the Forbes Technology Council and has been featured in several industry podcasts and publications, such as the Dentistry Entrepreneur Organization and Dentistry Today.

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Fintech Kennek raises $12.5M seed round to digitize lending

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London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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