Sixty-two per cent of senior decision-makers working in financial services say that moving market data to the cloud will help reduce their total cost of ownership (TCO); according to new research from Alveo, the cloud-based and cloud-agnostic market data management solution provider.
More than three-quarters of respondents in the Asia-Pacific region (77 per cent) take this same view on storing data on the cloud compared to just under half (46 per cent) in the UK and US; Alveo has revealed.
Beyond the financial benefits, financial services decision-makers see the adoption of cloud data management as enabling significant changes in operating models. These include ‘faster and more controlled data sharing with third parties’ (41 per cent), ‘more granular data acquisition and more specific delivery to consuming applications and users’ (38 per cent) and ‘improved data governance’ (28 per cent).
All data came from research commissioned by Alveo conducted in April 2023, surveying directors and managers working for investment management and asset owner firms as well as banks and insurance companies across the UK, US and Asia-Pacific.
“Clients face the same fundamental problems”
Mark Hermeling, CTO of Alveo Technology, discussed the findings: “Whether running data management on-prem or in the cloud, clients face the same fundamental problems in terms of cleansing and validating data, and getting data into the hands of consumers, but they are also handling larger volumes of data and looking for scalability and reduced costs. We can help deliver that to them through our solutions offering at Alveo.”
As evidence that there are growing efficiencies across the market: when asked in which areas of financial data management, they would expect to see the most improvement over the next two years, 52 per cent of those surveyed referenced ‘lower cost of operations’ and 39 per cent ‘business self-service’.
Forty-four per cent said they expected low latency and real-time would be among the areas that the adoption of cloud data distribution and sharing would have most impact, second only to ‘security master’ (48 per cent).
That focus on efficiency emerged again when the respondents were asked about the changes in the operating model that the adoption of cloud data management enables. Forty-one per cent of these respondents referenced ‘faster and more controlled data sharing’ with third parties while 26 per cent cited ‘faster adoption of data-as-a-service offering’.
Image and article originally from thefintechtimes.com. Read the original article here.