In a recent article, we explored the benefits of infrastructure automation for enterprises. The article explained that infrastructure automation improves reliability, increases efficiency, reduces risk and provides better scalability for businesses in almost all industries. In this article, we explore the benefits of infrastructure automation, specifically for financial services companies.
The Necessity of Automation For Financial Services
As the complexity of managing and operating financial service IT systems increases, financial institutions are taking steps to automate as many processes as possible. Financial business processes involve many repetitive tasks, making automation across systems a necessity.
The digital transformation of financial services companies has resulted in the development of a range of complex automation tools for fraud detection and investment systems. However, companies in this sector have also seen considerable operational improvements by automating smaller tasks within existing IT infrastructure.
Financial services are investing more in IT infrastructure automation for the following reasons:
Enhanced Compliance
Human error is a major contributor to compliance failures across all industries. Automating IT infrastructure allows financial institutions to monitor compliance more closely and track internal changes, allowing for better auditing and problem-solving. By automating complex workflows, financial institutions can ensure end-to-end compliance across all IT systems.
Improved Efficiency
Automating manual tasks and processes can help financial services companies save time and reduce the risk of errors, allowing staff to spend more time implementing new initiatives to improve business performance.
Stronger Security
As IT infrastructure grows so does the number of potential system weaknesses. Financial institutions have a reason to be concerned about cybersecurity because cybercrime is on the rise. However, by automating infrastructure, financial service companies can limit the number of possible attack points that could result in data breaches or other security incidents.
Better Access Rights Control
Financial institutions manage vast volumes of sensitive financial and customer data, which is spread across different departments. As a result, centralised management of complex and sensitive data is a significant challenge for financial institutions. An additional layer of complexity is the management and oversight of access rights for sensitive data. Automation ensures that data is handled properly, as access rights control must be reliable and easy to manage.
Easier Scalability
Older software applications are limiting, meaning it is difficult (or sometimes impossible) to scale and adapt as business needs change. IT infrastructure automation, on the other hand, makes it easier for financial institutions to scale up or down when required.
So, how can Evolvere help financial services companies streamline IT processes? In the case study below, we explore the impact of our work with a fintech client that needed to make the most of Amazon Web Services (AWS).
Case Study: Enabling Large-Scale Leverage of Cloud Resources For a Fintech Investment Company
The client
The client is a fintech company that provides investment managing services focusing on systematic approach-driven investments for firms operating across the globe.
The challenge
The client was interested in leveraging the elasticity of AWS’s cloud computing services, having previously used some of the platform’s infrastructure. The client's technical team had expressed compelling use cases for cloud resources, and the company required a detailed review of their existing usage in AWS. A proposal to configure safeguards for access, security and spending needed to be considered before granting access to their technical team.
The solution
Review existing AWS setup: First, Evolvere audited the existing AWS infrastructure and reported our findings back to the client. Additionally, we provided a list of recommendations, guidelines and policies to be implemented across the cloud platform to optimise processes.
Design of multi-AWS account architecture: We created a process to centrally generate new AWS accounts using Terraform scripts whilst enforcing Service Control Policies (SCP) across the various business units.
Provided AWS support: We responded to queries and resolved incidents that occurred on users’ AWS accounts.
The business outcome
Ever since we conducted this work, multiple teams have created AWS accounts and intend to create more as and when they are required to move more operations into the cloud. The client’s AWS footprint expanded by 300% in three months. In addition, the client can view the AWS cost expenditure across all accounts through the centrally managed billing service, AWS Control Tower. Finally, the fintech client can track the usage of resources of each business unit, providing an estimated spending forecast.