Cloud
In large financial organisations the lead time to order and install new servers can take many months. This can have a direct impact on the speed of building out new services. On the flip side, innovative firms have tended to flock to the cloud. The most profound effect of moving to the cloud is the extent to which it alters how systems are designed and run.
Rather than building software that is dependent on bespoke infrastructure, engineers instead design systems to run on generic infrastructure and standard components. Cloud based infrastructure can be set up programmatically making it possible to create new environments on demand.
While regulatory concerns make using external cloud providers challenging for many finance firms, it is possible and becoming increasingly common. A simpler alternative is using cloud platforms within a finance firm’s firewall. Internal cloud platforms are gathering momentum. Finance firms adopting cloud strategies are becoming more nimble and tending to overtake more traditional players.
What innovation is this leading to?
Just as Amazon overtook Barnes & Noble and Netflix overtook Blockbuster, in a new era of artificial intelligence, big data and automation, there are big rewards for finance firms that can innovate quickly. Firms that put technology at the core of their business, use agile development processes, and leverage the cloud will be much better off in the long run.
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