The IT infrastructure within the financial services industry has to support a range of complex financial transactions, such as capital management, banking, and insurance. The demands of the industry have helped maximise IT infrastructure efficiency due to wide-scale adoption of on demand services implementation. This has led to tech solutions which are specific to the financial services market.
IT Infrastructure capabilities
Business intelligence in the financial services field consists of customer and market trends, transactions, and live tracking of essential financial indicators. Financial services firms need to be able to employ effective metrics to gather relevant information via a reliable IT infrastructure that can be accessed from multiple devices at anytime, anywhere
Sources for this vital data include:
- Business partners
- Compliance and regulatory files
- Daily financial transactions and loans
- Investment documents
- Acquisition and merger files
- Client profiles and data
- Web and consumer market data
Compiling these large data volumes for effective business intelligence requires an agile fast and stable IT infrastructure that is well-designed and well supported.
Effective IT infrastructure control
Financial Services Company leaders can ensure the IT infrastructure they employ is effective by being aware of some important parameters:
Efficiency: An efficient IT setup is akin to a reliable business partner, helping minimise resource waste, as well as enhance productivity and decision making. IT resources need to be efficiently matched to the requirements of the financial services industry.
Dependability: Stability, security, speed, and recovery are essential and need to be dependable aspects of any IT infrastructure. With the majority of financial services utilising an private IT platform, there’s a need for consistency in quality and delivery. A dependable and secure IT infrastructure is a big differentiator in mitigating financial risks.
Agility: In today’s uncertain economy, the success of a financial services company will largely depend on how it can adapt to evolving IT demands. A well designed IT system will provide the necessary edge needed in a volatile market. The true value of an IT infrastructure can be measured by its ability to deal with developing market demands.
Pricing: Enhancing a current IT setup will no doubt require an investment and increase in spending initially. However, a successful decision should soon see a healthy return on investment
Standardization: In an era of evolving business dynamics, the operational capability of IT plays an ever increasing role. To ensure a streamlined system and to minimize costs, financial services businesses need to ensure that they bring the IT tools they are utilising into line so that there is no unnecessary overlapping or repeating of tasks. Standardisation is really about consistency and controls such as single application versioning and real time auditing of the network.
Going Green: An efficient financial service is capable of minimizing the carbon footprint of an IT infrastructure through reduction and consolidation of hardware required in running IT software. A decrease in hardware greatly reduces energy costs.
With today’s fast-paced tech advancements, it is essential for businesses to keep up to speed and ensure that any IT services and solutions employed not only fit but enhance functions and operations. For financial service companies, there is a real need to control IT infrastructure carefully, and to take full advantage of any investment and see returns on tech spends. IT needs to enable the growth of your business not hinder future success.
Trilogy specialises in creating and implementing agile IT infrastructure and services for the financial services industry, within physical, virtual and cloud environments. To find out about what scalable and affordable IT infrastructure complements your business, get in touch.