App Modernization is an Imperative for Financial Services Organizations
Financial services leaders have often been on the forefront of innovation as the business climate has changed over time. In the recent era of digital transformation, this dynamic has become truer than ever, requiring even more fundamental shifts in how they do business.
The ability to bring new products and services to market, and respond to more stringent regulations, has brought the need for business agility into new focus. According to Morgan Stanley research, business leaders increasingly recognize the close tie between how quickly a company can bring new applications and offerings to market and their level of differentiation and competitiveness. Stability was always a core tenet of the financial world, but now agility has also become paramount to maintaining a competitive edge. However, a 2019 McKinsey study showed that 4 out of 5 CIOs stated they still haven’t achieved the required agility they need to realize these benefits. So how can you get started?
One of the ways financial services teams can gain this required agility is through modernizing their application development and delivery to support activities such as fraud analytics, big data analytics, or consumer banking. At Robin, one of our large Fortune 500 financial services customers is using our application automation platform to help improve the productivity of their data science team. Within financial services companies, data is king – and the ability to make data-driven decisions is becoming more and more critical. The role of data scientists has certainly been elevated, and they play a key part in parsing through the mountains of data being stored within these organizations.
Within this particular company’s environment, the data science team was being held back by the underlying infrastructure, and having to spend lots of time performing tasks other than, you know, data science: waiting for IT to provision new application environments. That’s a pretty expensive proposition. So this customer came to us for help.
With the Robin application automation platform, they were able to set up a completely automated architectural foundation for their data science team. It can quickly provision new big data application pipelines that the scientists use to analyze the data, a process that used to take weeks and is now done in hours. This architecture also gave them the flexibility to do this on an as-needed basis, essentially spinning up and spinning down resources as they are needed, instead of procuring massively over-provisioned (and expensive) clusters that often sit underutlized.
The Robin platform is helping them achieve this much needed agility, and is allowing their data science team to be more productive which leads to faster innovation. You’ll be hearing more from us soon about this rapidly changing climate we find ourselves in, and the need to continue to invest in your modernization journey. We hope you will join us!
For more information, please visit our Financial Services website here.