In finance as in many other fields, staying competitive means embracing a highly sophisticated range of computational and analytical approaches to business and customer needs. Across commercial banking, investment banking, and insurance, advanced IT is fueling differentiated services and new revenue sources.
Three specific advanced IT trends gaining traction in the financial sector are:
- Exploring OpenStack’s potential to increase the speed and reduce the cost of developing new, competitive business applications
- Leveraging technologies such as Apache Hadoop and Apache Spark to glean customer insights quickly through big data analytics
- Adopting high performance computing (HPC) in order to execute complex simulation, modeling, and optimization tasks in real time. Big data and HPC are often deployed together.
Industry observers validate these trends. According to a recent article in InformationWeek, “OpenStack …. is particularly relevant in financial services given the cost and regulatory pressures banking organizations are under, as well as a need to derive competitive advantage from agile implementations without incurring the security and business risks of a public cloud.”
Meanwhile, according to Steve Conway, IDC, “Investment banks began to use HPC systems for daunting analytics tasks such as optimizing portfolios of mortgage-backed securities, pricing exotic financial instruments, and managing firm-wide risk. More recently, high-frequency trading [has] joined the list of HPC-enabled FSI applications.”
The challenge: Transform DevOps and IT to make financial institutions more nimble
In response to these business demands, many financial institutions are transforming both DevOps and IT to support the compute, data, and storage-intensive workloads of the future. DevOps teams are at the forefront of many of the trends cited above, looking especially to OpenStack as an efficient, cost-effective way to spin up the development resources needed to release code quickly to the line of business.
IT is on a parallel journey to deliver IT resources and infrastructure “as a service” to DevOps and to the line of business, including the advanced, clustered infrastructure needed to support high performance computing and big data analytics.
Bright helps the finance sector embrace OpenStack, big data, and high performance computing
Bright Computing’s industry-leading, commercial grade software excels at deploying and managing the clustered systems that underpin high performance IT in the financial sector, whether utilized for OpenStack-based DevOps initiatives, big data analysis, or high performance computing.
For financial institutions needing to retool IT infrastructure and skills in order to compete more effectively, Bright’s intuitive management approach provides easy onramps to the DevOps and IT platforms and workloads of the future.
-Steve Conway, IDC