Jeffrey Wallis, a managing partner in SunGard’s Consulting Services business, has the following recommendations for financial institutions as economic conditions continue to test existing business models: “Take a hard look at your legacy applications and replace what is hindering your ability to serve your clients and generate revenue. Invest to extend the use of your existing technology and data infrastructures, reduce your operational costs and improve the efficiency of your business processes.” Click here to view Jeffrey’s video.
SunGard recommends five ways to help firms make smarter use of technology:
1. extend the life of legacy applications through integration and open architectures;
2. gain agility and control costs using on-demand SaaS delivery models;
3. leverage cloud computing to provide more flexible computing power and reduce the cost of internally managed servers;
4. adopt consolidated, real-time information management to make better use of data;
5. improve efficiencies and client service with workflow automation and business process management.
Three Key Trends
• Legacy applications: firms need to leverage their investment in legacy applications by finding ways to extend their value.
• Business processes: firms are paying more attention to business process improvements to understand, strengthen and effectively manage customer touch points as greater emphasis is placed on client service in a period of lackluster returns.
• Data management: firms are looking to better leverage their data management infrastructures in order to make information more understandable, relevant and useful.
Larry Tabb, founder and CEO of TABB Group, said, “Software-as-a-service and cloud computing are going to be key strategic technologies that firms are going to be looking for in the next few years.”
Jeffrey Kutler, editor of GARP’s Risk Professional, said, “I see a bright future for software-as-a-service and it will be on the radar screens of chief information officers and chief technology officers in the immediate term.”
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