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Cloud Computing Offers Sunny Forecast for Financial Organizations
November 11, 2008
Investing in technology is regarded as a necessary burden by financial organizations, and the expense of having to upgrade platforms and systems to be more efficient and profitable continues to put a strain on resources. Life expectancy for a substantial technology capital expenditure can also be painfully short as technology continues to rapidly evolve. The good news is that the advent of cloud computing has the potential of turning challenging technology investment decisions into “have your cake and eat it too” choices.
Cloud computing is a new way to describe the enhancement of an old concept most recently termed Software as a Service or “SaaS” solutions. The fundamental idea is to use the Internet or “the cloud” to deliver innovative and effective technology solutions to clients. This approach essentially offers a “pay as you go” solution, enabling firms to avoid having to make a significant investment in infrastructure and systems, and instead take advantage of resources that are owned, hosted, and operated by a third-party service provider.
The benefits of cloud computing are numerous, but three in particular will appeal to technology specialists and principals of financial organizations:
- The responsibility of maintaining software and hardware in-house is alleviated - The overall operational integrity rests with a dedicated service provider and its team of technology experts. This enables firms to spend more time with customers and prospects rather than taking time to manage their own technology initiatives;
- A service provider’s economy of scale lowers the cost of technology - Part of the burden of maintaining technology in-house is the commitment of resources, staff, and budget required to keep software and hardware up to date. Cloud computing provides access to the latest technology at a lower cost than can typically be attained in-house; and
- A service provider’s commitment to investing in the latest technology can translate into a competitive edge for your firm - Financial organizations that leverage an established service provider with scale will be able to benefit from an array of resources and capabilities to help them grow their business. It is critical for firms to collaborate with service providers that continue to invest in research and development and the latest disaster recovery and information security solutions.
The development of cloud computing is an important trend for financial organizations. However, it doesn’t remove the need to make good business decisions. It is critical for firms to focus on selecting an industry leader and consultative business partner that has the depth of experience, sophisticated systems, ability to customize technology, and a responsive team of professionals to provide support. Pershing has been at the forefront of cloud computing for many years. Our open architecture platform is seamlessly integrated with many of the world’s finest retail and institutional financial organizations and independent registered investment advisory firms. We are also fortunate to have a deep pool of talented technology associates at iNautix (USA) LLC, an affiliate of Pershing, to help us develop and deliver cutting-edge, flexible technology solutions for our customers to help them achieve continued success.
You can learn more about Pershing’s technology capabilities and the vast range of services and solutions we provide to financial organizations, investment professionals, registered investment advisors, and hedge fund managers through this web site. You’ll find that our robust, time-tested technology platform can provide your firm with tools and solutions to help you grow Your Business Without Limits™.
