A significant part of the cost of information technology of financial institutions is associated with the storage and analysis of data. These processes are essential in order to maintain high service standards and minimize risks. With most financial institutions going through the digital transformation phase, CIOs are looking for ways to optimize storage infrastructure through specialists. We propose to discuss what trends from the point of view of IT today are the most demanding for the storage and management of information in the financial sector.
Big Data is understood as an ever-growing volume of structured and unstructured information of various formats, which belongs to the same context. It is estimated that 80% to 90% of banking data is unstructured data, most of which comes from various types of customer interactions from contact centers, email, social media, ATMs and other sources.
Big data analytics opens up new perspectives for financial institutions. As the consumer no longer uses one bank to conduct all of their financial activities, banks must increasingly rely on big data to get an accurate picture of the consumer’s needs. Using Big Data technology, they better understand the needs of customers, therefore, make the right decisions and respond faster to market demands. Also, financial institutions are required to store more and more data. And more unstructured data from multiple sources puts a lot of pressure on existing storage infrastructure.
Now that you can do almost everything online from paying bills to buying stocks, the need for secure, efficient storage is more urgent than ever before for financial institutions. Consequently, there is a need for flexible storage that can safely scale resources, keep pace with changing regulations, and process transactions in real time. More sophisticated security tools lead to increased complexity and increased overhead.
To keep costs down, financial institutions are turning to cloud storage. However, for many reasons, hybrid storage solutions are a win-win for many banks. These solutions are efficient and cost effective, helping financial institutions meet the needs of an increasingly complex industry. Private cloud infrastructure also enables full compliance with regulatory requirements such as data sovereignty.
Managing various storage systems in an enterprise infrastructure places an undue burden on IT teams, driving up costs and adding unnecessary complexity. An increasing number of enterprises are considering consolidating many storage workloads onto fewer systems, especially as the storage upgrade approaches.
Therefore, for many customers in the financial industry, when looking for a storage solution, the ability to consolidate their storage environment is prioritized, while providing higher levels of reliability and dynamic growth. Storage consolidation reduces costs, increases flexibility, and makes it easier to work with too many vendors.
By combining four or five storage arrays into one, the company realizes the benefits of more efficient communication and higher performance through easier centralized management and lower power consumption and lower consumption.
Successful digital transformation is pushing for much more data-driven business models. As a result, the winners are those that can best add value to their customers and their own companies by the data they collect.
Financial institutions are focused on digital transformation and getting the return on investment in IT infrastructure. It is not enough for companies to provide the best performance, reliability, scalability, manageability and flexibility of their IT infrastructure; they need to solve the problem of uncontrollable costs, which are growing exponentially, and ensure payback in the shortest possible time. CIOs are committed to reducing risk and costs, making storage infrastructure management as automated as possible, and minimizing the business impact of disruption and downtime through . Therefore, data warehouse consolidation is becoming increasingly important for both financial companies and service providers. The transformation of the storage economy will allow companies and cloud service providers to focus more on business than infrastructure.