Financial services firms and the way they operate have changed dramatically in recent years, following the economic difficulties that began in 2008 and the subsequent regulatory pressures placed upon them.
A great number of changes were brought to bear on the IT departments of financial institutions, with challenges being posed in terms of new regulatory pressures, the demand to do more with the data available to companies to stay ahead of competitors and the need to respond to the ever-growing demands of customers.
At the same time as these changes were implemented in the financial industries, budgets were being cut and IT departments were forced to look into new techniques and methods to deliver what was required.
For many this meant turning towards private Platform as a Service (PaaS) solutions. According to Appenda, the cloud computing model can provide the means to improve productivity, the speed and efficiency of development, and deployment, while respecting the legal and security concerns financial institutions have.
Through the use of PaaS, developers are able to spend time on innovation, rather than back office functionality, and focus on building applications that boost productivity and competitiveness.
The time required to develop and deploy an app is dramatically reduced, offering a solution to tighter schedules and rapidly changing regulatory requirements, while fewer hours are required to develop applications and existing apps can be easily modified to incorporate new requirements.
Access, privacy, audit tags and other security and regulatory requirements can be managed through set-and-forget policies that are easily implemented at runtime, reducing regulatory burdens.
Appenda revealed that its metrics indicate the use of PaaS solutions have brought about a 700 per cent increase in developer productivity, 70 per cent faster project completion and a 40 per cent drop in infrastructure costs.
In terms of application of PaaS within financial services, mobile banking is one of the main focuses, as more and more consumers are demanding access to this technology. The use of PaaS enables financial services companies to expose banking data and workflows in a consistent and secure way, to ultimately provide customers with a consistent experience of banking on the move.
By Tony Aynsley