Why Financial Businesses of All Sizes Are Moving to the Cloud through Infrastructure as a Service
Oct 19, 2015
In the realm of financial services competition is rife and the harnessing of technology is a key determinate of such a company’s ability to stay ahead of the pack. As a growing movement such companies are increasingly moving across to the Cloud and here we look specifically at just what one service within the cloud is achieving for such businesses.
Infrastructure as a service: Putting a little meat upon a bare bones definition
Infrastructure as a service (known within the business as laaS) is a cloud computing form that provides computing resources via the internet. To this end laaS can be thought not only as the virtualisation of computing power, but also as a cloud service for applications and storage. Common platforms for laaS that are being utilised by financial services companies include:
- Amazon EC2 – An infrastructure that provides for varying sizes of storage and network capacities;
- Rack space – An infrastructure organisation that provides public, private or hybrid cloud hosting;
- NYSE Euronext CMCP – An infrastructure that provides cloud services, most specifically for NYSE Euronext’s financial services customers.
So, why are Financial Businesses of All Sizes Are Moving to the Cloud for laaS?
LaaS is an advanced solution for the financial services sector, where markets are fluid and where business agility is key to survival. To this end laaS provides for a dynamic, secure and complaint solution that meets business needs, customer exceptions and that significantly reduces IT services maintenance and service times. This contrasts against a world of legacy systems, where the pressures to modernise is critical and where age old applications and infrastructure is still seen all too frequently, much to the detriment of businesses that are faced with tech-savvy customers who, in today’s world, demand more from the interactions that they have with their financial services company.
To this end, laaS provides for essential advantages for the modern financial services company, namely: business agility, risk and reputation responsiveness, cost reduction and the ability to grow revenues.
The challenges of the Cloud
The cloud, whilst provides for many benefits, equally can come with challenges for the average financial services company. Most specifically these may be broadly identified as follows:
- Data Privacy;
- Absence of standards (Vendor Lock-in).
Of course with the right financial sector focused IT Company on your side, each of these challenges can be robustly overcome.
At Couno we think of ourselves as the essential partner for many of the City’s leading finical companies and their harnessing of all that cloud based services can offer. Our people are both entrepreneurial, ensuring that real business advantages are delivered for the forward thinking company, as well as technical, choosing the very best and most appropriate of IT services to deliver optimal performance. Talk with the team today about what our team can do for you and your working environment.