Cloud Capacity on Demand for Financial Businesses
15th November 2019
Secure, compliant cloud infrastructure for Wealth Management or Financial Services
Businesses need the agility to continually adapt, but it must be cost-effective. With added complexities from shifting markets, highly regulated wealth management and financial institutions must find new ways to transform themselves, to remain competitive and meet growing customer expectations.
It’s clear that the transition to the cloud has enabled business operations to transform. But how can wealth managers and financial firms leverage cloud technology to support their business goals to acquire and retain more clients?
Investment in cloud technology offers considerable savings in both cost and time for implementation – plus the added benefit of increased flexibility. You don’t need to commit to buying expensive legacy servers or storage systems.
You can scale your capacity on demand to deal with peaks in requirements as often as the markets change.
Why Capacity on Demand is an important consideration
There are many global, political and economic factors that affect the financial markets, and these directly impact the amount of computing power required to react quickly to the demand on servers and applications.
Gone are the days of buying enough servers to provide the capacity required to match your biggest spike in demand. It’s a waste of money for the rest of the time when that level of computing simply isn’t required.
Renting the hardware through a cloud service provider means you can meet demand when it arises – and only pay for the compute power you use.
What factors impact your Capacity requirements?
- There are predictable events that create unpredictable demand, such as the UK General or US Presidential Elections. You know when they are taking place, but you don’t know the result so can’t plan for the amount of computing power required to keep up with the demand on your systems.
- Then you have unpredictable events, such as global disasters or terrorist incidents, which affect global stock prices. These result in unforeseen spikes in trading volumes for which demand can’t be pre-determined.
- Significant earning events for firms also play an influencing role in financial markets. Whether it’s a good or bad result if it’s out of kilter with what the markets have already placed it will have an impact. Are you prepared to respond fast enough with the computing power and capacity required?
- Breaking news is equally influential. Examples including Brexit and interest rate rises, or forecast changes, will have a knock-on effect that firms need to be able to react to and flex capacity instantaneously.
- And finally, there are the expected and predictable events. Internal peaks in demand such as reporting for month-end, tax year-ends, and client portfolio reports.
Is Cloud the perfect match for Wealth Management or Financial Services?
Wealth managers and financial organisations constantly need to demonstrate and deliver greater operational efficiencies and service levels. The shift in generational wealth means new clients are demanding modern and mobile apps, which if harnessed correctly can optimise client experience and increase satisfaction and retention levels.
With cloud enabling access to data-driven applications and digital wealth management platforms, cloud computing could be a perfect match for these firms. But only if you get the basics right – and you need to start by organising your data to get the value out of it.
Finding the right partner
If you don’t have enough expertise or capacity in-house to optimise your use of cloud technologies, you’ll need to find a partner with the skills to manage configurations, integrations, maintenance, and critical cyber-security requirements.
Plus, chances are you’ll need an independent software house to deliver a tried and tested digital wealth platform to support your growing client demands.
We’d be happy to introduce you to some of our key partners, so why not contact us today?