Nutanix, a hybrid multicloud computing provider, has reaffirmed its commitment to assisting Middle Eastern financial services organizations in discovering the power of hybrid multicloud architecture to enable them to strike a balance between cost, complexity, speed, and scale of operations while generating more revenue.
“A key development in the ‘business of finance’ is that IT isn’t a support function anymore. As a result of the increasing impact and importance of data and analytics, technology has become a strategic asset that drives innovation, scalability, and speed-to-market in financial services,” says Mohamad Makki, Territory Account Manager – Enterprise Accounts at Nutanix. “Nutanix’s third annual Enterprise Cloud Index has found that against the backdrop of the pandemic, hybrid multicloud is the only viable IT model that shows positive growth in the finance industry. As information security and operational resiliency remain at the forefront for financial services organizations, they must look to hybrid multicloud solutions like the Nutanix Cloud Platform with integrated manageability and security, and the ability to quickly move apps among cloud infrastructures cost-effectively.”
Legacy hardware and software are two of the most significant impediments to FinServ architecture upgrades. Organizations are forced to use obsolete technology due to the prohibitive cost of refactoring and re-platforming their core systems. Companies no longer need to be stymied by legacy technology. The Nutanix Cloud Platform has been demonstrated to provide a staggering 477% ROI in 5 years while lowering TCO by two-thirds. This entails maximizing the company’s investment in on-premises infrastructure in the near future.
Customers’ financial transactions have changed dramatically as a result of the pandemic. Digital transactions were already on the rise, but they are now the norm. Banks and financial institutions have already recognized the new reality of 100% digital lending, payments, insurance claims, and trading operations. Add to that the plethora of contactless payment methods that are emerging on a daily basis, as well as customers’ desire to trade in complex financial products from their mobile phones, and enterprises must redefine their IT capabilities.
Nutanix is highly customizable, allowing organizations to create hybrid multicloud environments for testing and development in under an hour. Migrating to the new cloud does not have to be time-consuming. Furthermore, the application services layer includes automation and provisioning capabilities that allow businesses to implement the most recent DevOps practices. Finally, these automated processes can cut development times by more than a quarter.
The average cost of a data breach in FinServ is staggering $5.85 million, more than 1.5 times the average across all industries. Because of the wealth of customer information (and money) available, the industry remains a favorite of cybercriminals and bad actors. The COVID-19 situation has forced a nearly instantaneous shift to remote work, increasing the number of devices and networks involved. This makes financial services institutions more vulnerable to data and identity theft in the form of authentication and validation fraud, phishing, social engineering, DDoS, and ransomware.
The Nutanix Cloud Platform enables businesses to anticipate these heightened threats by deploying secure VDI or DaaS systems that enable remote work scaling while flagging known and suspected breaches at either end. Strong security across workloads and platforms allows businesses to rest easy even when their perimeters are breached, ensuring digital continuity and data protection in the face of all-too-common ransomware threats.
With or without the pandemic, FinServ is a mash-up of operational patterns that must adapt to macroeconomic factors as well as consumer behavior. Data processing and analytics are critical components of government regulations and compliance processes. Cloud-based systems speed up data brokering while also making it simple to mine trade surveillance data for money-laundering or fraud patterns. Nutanix’s hybrid deployments help to secure the cloud journey by providing preconfigured controls to modernize an organization’s risk monitoring platforms, derive new insights and trends from data, and enable continuous governance while lowering compliance costs.
“While the FinServ industry has been making a shift to the cloud over the past few years, less than a third of FSIs that are halfway through the process have achieved even a 5% completion of key transformation objectives such as, increase in deposit and loan volumes, IT agility, customer retention, and reducing operational expenses,” says Mohamad Makki.
“Many FSIs make the mistake of layering piecemeal cloud solutions on their existing infrastructure in an attempt to achieve functional goals. But this only makes it even more difficult for disparate workloads to scale together. In some cases, one bottleneck might entirely derail the company-wide transformation efforts. The Nutanix Cloud Platform underpinning an organization’s hybrid multicloud strategy provides a three-pronged solution that is critical to success – democratization, automation and unification,” he concludes.