Compliance Costs Soaring for Financial Institutions; Condusiv Says

Nine out of 10 financial services attention executives design continued cost increases in their correspondence departments over a subsequent dual years, according to a tellurian consult by Accenture of 150 correspondence officers during banking, insurance, and collateral markets firms opposite 13 countries in a Americas, Europe, and Asia-Pacific.1 “To be compliant, these firms contingency yield timely, accurate, and minute information about a exchange they manage,” says James D’Arezzo, CEO of Condusiv Technologies, a universe personality in I/O rebate software. “In many cases, a biggest share of a highlight this places on a industry’s IT departments come from applications using Microsoft SQL server, due to a burgeoning amounts of information being processed in an increasingly fragmented, digitized, and high-speed industry.”

According to a Accenture survey, scarcely half of a executives presaging a delay of aloft spending on correspondence design increases of 10% to 20%, and scarcely one in 5 pronounced they were awaiting increases of some-more than 20%. Nearly a entertain of surveyed firms reported spending some-more than 5% of net income on compliance. Steve Culp, comparison handling executive and tellurian conduct of Accenture’s Finance and Risk practice, commented, “With a cost of progressing correspondence rising and new risks stability to emerge, it’s needed that firms find a trail to some-more tolerable correspondence costs. They should be meditative in terms of modernized technologies that can move stable, cost-effective solutions that will raise a function’s performance.”

D’Arezzo emphatically agrees, observant that a financial services zone is already an outlier in terms of IT cost. A consult by CIO showed financial services as devoting 10.5% of sum revenue, by distant a largest of any industry, followed by supervision (7.8%), medical (5.0%), indiscriminate and sell (3.9%) and production (3.4%). Not surprisingly for such a data-intensive field, financial services also reported proportionately a many heavily staffed IT departments, with an normal of 15.7 users per IT staffer, followed by medical (25.4), supervision (37.8), production (40.9), and wholesale/retail (47.5)2

“Given a realities of IT spending in this industry,” says Condusiv’s D’Arezzo, “we consider a Accenture news has strike a spike on a head. We are a universe personality in this area, and have seen users of a program solutions some-more than double a I/O capability of storage and servers, including SQL servers, in their stream configurations. The usually approach financial services companies will be means to accommodate a correspondence final being placed on them, and during a same time accommodate their potency and profitability targets, will be to urge a opening of their existent capacity, quite with courtesy to I/O reduction.”

About Condusiv® Technologies

Condusiv Technologies is a universe personality in software-only storage opening solutions for practical and earthy server environments, enabling systems to routine some-more information in reduction time for faster focus performance. Condusiv guarantees to solve a toughest focus opening hurdles with faster-than-new opening around V-locity® for practical servers or Diskeeper® for earthy servers and PCs. With over 100 million licenses sold, Condusiv solutions are used by 90% of a Fortune 1000 and roughly three-quarters of a Forbes Global 100 to boost business capability and revoke information core costs while fluctuating a life of existent hardware. Condusiv Chief Executive Officer Jim D’Arezzo has had a prolonged and renowned career in high technology.

Condusiv was founded in 1981 by Craig Jensen as Diskeeper Corporation. Jensen authored Diskeeper, that became a best-selling defragmentation program of all time. Over 37 years, he has taken a suspicion care in record complement government and caching and remade it into craving software. For some-more information, revisit http://www.condusiv.com.

1.    “Compliance Costs for Financial Institutions Will Continue to Increase Over a Next Two Years,” Accenture, Apr 10, 2017.

2.    Nash, Kim S., “Information Technology Budgets: Which Industry Spends a Most?”, CIO, Nov 2, 2007.

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