Managing Growing IT Challenges in Financial Services

Sponsored: In financial services domain, technology is no longer an enabler, but a business driver. From a business standpoint, Financial Services is a world of superlatives and extremes: the largest data centers, most transactions, greatest monetary values, in effect huge amount of risk management.

Managing Growing IT challenges in Financial Services[1]

With over five billion mobile phones coupled with internet connectivity and powered by cloud based applications, each day of our digital life is more & more vulnerable to cyber threats and digital disruptions. According to Arbour Networks recent report on cyber crimes, there is 126% increase in attacks against financial services organizations in India. The estimated price tag in India is US $ 8 billion whereas the global bill is US $ 110 billion. Eightyfive per cent of the total financial cost of the cyber crimes are the result of fraud, theft and loss. Fraud constitutes 42 per cent of the total financial loss.

With every bank, broker or insurance company wanting to engage with their customers online or through their mobile phones, financial networks are laying themselves open to a greater range of information security challenges and threats. A single instance of data loss or theft can compromise the trust built over decades—a major breach can potentially bring down a company.

With the consumer demand going up vis-a-vis data security and privacy laws getting more stern by various government compliance bodies, there is a tremendous pressure on financial organizations to reduce the cost involved in the management of their IT infrastructure.

Given the proliferation of mobile workforce, new applications and organisational data stored on multiple devices, Financial IT have truly entered a highly mobile, increasingly dynamic and risky world of IT Asset Management.

With financial firms today competing on milliseconds of comparative advantage advantage, improving performance in IT operations spanning across multiple locations—without compromising information security and availability is a major challenge. Distributed operations compromise visibility and control, thereby creating highrisk blind spots. The scale, complexity, and intense competitiveness of Financial Services demand a constant search for costeffective ways to improve performance.

The banking industry in India has been leveraging IT for its business for the past twentyfive years. However, the technology adoption and therefore the creation of IT infrastructure have not been uniform across all the banks. There are few leaders who are on par with any international enterprise organization in terms of Core Banking IT infrastructure buildup and usage and there are laggards who are still rudimentary in terms of approach, magnitude and coverage. Their Core Banking environments are antiquated and inflexible, and business processes are fixed.

In order to serve the growing needs of enterprise class financial IT, HP provides 360 degree ITO, BPO and Applications services for the Banking, Capital Markets and Insurance segments. Their business intelligence, analytics, security, cloud services and client solutions helps Financial organisations to adopt an agile, secured, scalable and flexible operating model to manage their growing IT needs.

HP’s industry unique ultra low powered Enterprise Tablet Management bundled with Multi Layered Security Options, Client Automation & Mobile Printing Solutions integrate with ease within any existing financial IT infrastructure without compromising on business efficiency.

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