Banking & Financial Services
The modern financial institution faces pressures on all sides.
Customers demand a better service, shareholders expect increased profit margins, and governments expect operations to be fully compliant with strict compliance legislation.
Big Data initiatives and the move towards data driven operations, has put IT front and center of business strategy. The C-suite is demanding greater transparency on IT spend, and CTOs will need to comply if they are to secure the funding required to see through the most ambitious plans.
An industry report by banking software giant Temenos suggests that the biggest challenge faced by the finance sector is the erosion of customer loyalty. 30% of global senior bankers believe that more empowered and better informed customers may begin to switch providers in greater numbers. Their response has been to invest more heavily in product innovation, particularly in digital channels.
Digitization has changed customer behaviour, and established finance players are fighting to keep up. Players from outside the finance industry – like Amazon, Google and Apple – are also disrupting banking processes, forcing a re-evaluation of how to meet customer demands and expectations.
Technical teams also need to be aware of their obligations towards customer confidentiality, anti-money laundering guidelines, and new legal frameworks like FATCA. These external factors have a huge bearing on how data is stored, and the measures used to protect it. In Europe, the upcoming General Data Protection Regulations (GDPR) could be a potential roadblock to many banks’ cloud strategies – forcing a re-evaluation of storage options.
When choosing a third party maintenance provider, a financial services company needs to be sure that their partner has access to the people and spares for systems located across the globe. They also need to be sure that their partner is able to comply with compliance regulations at the local level – often outside the company’s home territory.
"Every dollar has to be accounted for, every dollar has to be maximised."
- Paul Frank of PricewaterhouseCoopers
How CDS can help
CDS offer a range of services designed to help BFSI (Banking Financial Services, Insurance), organizations better manage their storage asset options, including:
Maintenance cost containment
Although financial firms are more than willing to invest in new technology for cutting-edge applications, there is still a need to control IT costs elsewhere. Insurance firms typically spend between 3% and 5% of their total premium on IT, so there is a real need to demonstrate value for money, and to make savings where possible.
Where organizations are transitioning hardware between vendors, they will require interim support for the older systems. Obtaining post-warranty support from the OEM during the transition period could be extremely costly, and many OEMs lack the expertise to adequately maintain another vendor’s products – which is where CDS can help.
As a vendor agnostic provider of support and maintenance for a wide range of hardware platforms, CDS offer interim support for storage equipment while data is transferred. Our level 3 engineers support our network of over 5,000 on-site field engineers, proactively monitoring hardware and intervening to correct issues before a data loss event can occur.
Best of all, these services are typically much cheaper than those on offer from your OEM, freeing up cash for reinvestment in other high value projects.
Secure data transfer
The physical transfer of data from old hardware to new needs to adhere to the same confidentiality and security obligations as any other process in the data center. CDS offer a fully managed migration service tailored to the specific operating needs of your business.
More importantly, our team never accesses anything more than your metadata, ensuring end-to-end confidentiality is managed throughout. These techniques will allow your bank to pass local audit requirements – like Section 166 reviews in the UK.
Secure data destruction
Once data migration has been completed, CDS can arrange for secure data destruction, ensuring nothing is recoverable from the now-retired disks.
Using a range of techniques, we can ensure that data is securely erased in line with your corporate preferences and financial services compliance regulations.
CDS services are tailored to your corporate preferences and financial compliancy obligations.
Reclaiming residual value
CDS can also help to unlock the fair market residual value of the hardware assets being retired. Our asset management team can arrange for resale of serviceable hardware, or advise on how they could be redeployed. From extending your development environment, building an on-line archive data environment, or extending your in-house private cloud, there are many ways to increase your return on investment.
Withdrawal of support by your OEM does not mean that these systems have reached the end of their usable life. We can also ensure that information and hardware is properly disposed of in line with local regulations, like those set in place by the Federal Reserve, or the Financial Conduct Authority.
To learn more about CDS and how we serve businesses in the banking, financial services and insurance industries, please get in touch.