Because of increasing strictures in regulation, many financial firms have been averse to adopting new technologies. As the nature of cloud computing means that you don’t keep a lot of data and infrastructure on-site, it’s easy to think that migrating to the cloud means that you have to relinquish control of your systems. In fact, using the cloud will give you greater access to your information, and will greatly reduce the burden on your firm that a traditional computing network would require. First, many banks are still using legacy systems that were popular 30-40 years ago, but aren’t regularly updated today. By migrating to the cloud, these companies would benefit from the security that comes with having a modern computing system.
The cloud also reduces the amount you need to invest in infrastructure. Instead of having multiple servers to host your information and pay for space and maintenance, the cloud allows you to access servers virtually, without the added costs. By streamlining and centralizing your database, you’ll create an environment that values data-driven processes.
If you run a finance company, it can seem like regulatory practices are constantly changing. Relative to other businesses, the financial sector is under a lot of scrutiny from the public eye, which can be nerve-wracking when you’re trying to run a business. You probably want to spend your time focused on innovation and revenue growth, instead of worrying about meeting legal requirements. By using a managed IT company with experience in the financial field, you can trust that you’ll stay compliant with industry standard practices. ETech7 uses innovative information management systems to help you keep your client’s information safe, maintain detailed transaction records, and can adapt quickly to any changes in financial reporting.
Data is what drives financial decision making. If you don’t have excellent statistical market models or current data, then you’re going to lag behind the competition. Powerful data comes from powerful machines, and ETech7 knows what tools you need in order to succeed. Whether you need to run simulations, execute trades, or get fast and accurate market data, our hosted workstations can provide the reliability and capacity for producing results sooner. Since ETech7 is a business partner with enterprise titans such as Hewlett-Packard and Microsoft, we can get you access to the cutting-edge software and robust hardware that you need to stay ahead of the game.
A study performed by the defense contractor Raytheon found that financial service companies experience security incidents 300 percent more often than other industries. As financial companies take responsibility for the transfer and maintenance of money, clients need to feel secure that you’re able to withstand and repel attempted security breaches on sensitive information. By enlisting the help of a managed IT company like ETech7, you’re accessing a network of security experts that will make sure you can prevent an attack on your information. Unfortunately, many in the financial industry make the common mistake of not properly encrypting their data. The mentality that if security measures aren’t required by law, then they shouldn’t be enforced can be damaging to any company’s reputation, especially one that handles other people’s money. Banks, investors, fund managers, and brokers would all be well advised to refocus their security priorities.
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