Today’s banks, investment firms, payment processors, insurance companies, and other financial services companies are deliberately and aggressively disrupting their own markets for good reason. They want to stay relevant.
Traditional institutions most aggressively transitioning to the world of 24/7, real-time operations—to compete with digital-native challengers such as FinTechs—are embracing:
Financial services institutions recognize that hybrid and multicloud technologies are key to their success. The global finance cloud market is expected to register a CAGR of 22.3% over the forecast period of 2021–2026, according to a recent Mordor Intelligence report. Most banks are exploring the use of new technologies like blockchain and AI, and this is expected to have a great impact on banking in coming years.
To achieve faster results across their cloud, automation, customer experience, and cybersecurity initiatives, financial institutions need to lean into a smarter, more adaptive approach to data management. Next-gen data management empowers financial leaders to modernize IT, so they can successfully collect, aggregate, and analyze data to deliver exceptional customer experiences while keeping data safe and streamlining compliance with mandates like Payment Card Industry (PCI) and General Data Protection Regulation (GDPR).
In today’s digital-first world where both data volumes and cyber crimes are on the rise, effective data management is more important than ever. It is a pragmatic step forward for financial services organizations seeking innovative ways to improve customer experience, lower risk, streamline compliance, eliminate data silos, take advantage of emerging tech, and reduce IT cost and complexity.
By looking beyond their legacy, monolithic backup products to more modern IT infrastructure and services, financial services organizations have the opportunity to securely and quickly connect to essential data and applications, safely back up all critical systems, easily recover data in the event of any disaster, and scale their environments seamlessly across hybrid clouds as the amount of data stored and end-user needs escalate.
Next-gen data management solutions empower financial services IT teams to simplify data management—backup, archiving, disaster recovery, file and object services, dev/test, and analytics—while unlocking value from data and defending data against ransomware attacks. Specifically, it allows them to:
As financial institutions worldwide look to execute their transformation blueprints, they are investing in proven solutions that not only simplify data management but also give them a competitive edge.
Nationwide, a Fortune 75 company providing a full range of insurance and financial services, increased resilience and saves $2M annually with Cohesity. “We needed a next-gen data management platform, and Cohesity stood apart because of its ease of use, rapid recovery at large scale, and strong cyber protections,” said Guru Vasudeva, SVP and CTO, Infrastructure and Operations at Nationwide.
Canadian Western Bank (CWB), an Alberta-based financial institution, also achieved a digital transformation objective with Cohesity. CWB launched an extensive modernization project, but its many legacy backup and recovery technologies increasing the IT environment’s overhead and complexity caused lengthy delays in data recovery, which were unacceptable to CWB’s busy customer groups.
Cohesity is much simpler to manage than our previous solution,” said Dion Dubé, Sr. AVP Infrastructure at CWB. “It enables our IT team to focus on delivering solutions for our internal clients through automation of key backup protection policies and role-based access levels. With the implementation of Cohesity, we have been able to refocus our IT resources on other high value activities for CWB.
These industry leaders and others choose Cohesity because only Cohesity next-gen data management features a hyperscale architecture that adapts to the specific needs of financial services data management. Cohesity’s single, software-defined platform consolidates data across hybrid and multicloud environments, and it provides unified management with simple, powerful services that are easy to deploy or consume. With its defense-in-depth security model, Cohesity helps enterprises become more resilient with faster recovery from disasters and operational failures, while providing on-going protection for businesses against the evolving threat of ransomware.