Nutanix helps financial services organizations in the Middle East rethink their cloud journey

DUBAI, UNITED ARAB EMIRATES: Nutanix, a leader in hybrid multicloud computing, reiterated its commitment to helping financial services organizations in the Middle East discover the power of hybrid multicloud architecture to enable them to balance cost, complexity, speed and scale of operations and generate more income.

“A key evolution in the ‘business of finance’ is that IT is no longer a support function. Due to the growing impact and importance of data and analytics, technology has become a strategic asset that drives innovation, scalability and speed to market in financial services,” says Mohamad Makki, Territory Account Manager – Enterprise Accounts at Nutanix. “Nutanix’s third annual Enterprise Cloud Index found that amid the pandemic, hybrid multicloud is the only viable computing model that is showing positive growth in the financial industry. As information security and operational resilience remain at the forefront for financial services organizations, they must turn to hybrid multicloud solutions like the Nutanix cloud platform with built-in manageability and security, and the ability to move data quickly. applications between cloud infrastructures in a cost-effective way.

Optimization of installation and operating costs

Legacy hardware and software are among the biggest burdens that hinder architecture upgrades in FinServ. Organizations settle for outdated technology simply because of the prohibitive cost of refactoring and redesigning their core systems. Businesses no longer need to be bogged down by legacy technology. The Nutanix Cloud Platform has been shown to deliver a staggering 477% ROI in 5 years while reducing total cost of ownership by two-thirds. This means maximizing the company’s investment in on-premises infrastructure for the foreseeable future.

Meet customer expectations every time

The pandemic has brought about a drastic change in the way customers conduct their financial transactions. While digital transactions were already on the rise, they are now the norm. Banks and financial institutions have already realized the new reality of 100% digital workflows in lending, payment, insurance and trading. Add to that the plethora of contactless payment methods emerging every day and customers who want the flexibility to trade complex financial products from their mobile phones, and businesses need to redefine their IT capabilities.

Nutanix is ​​customizable and allows organizations to set up hybrid multicloud environments for testing and development in an hour. Migrating to the new cloud doesn’t have to be tedious. Additionally, the application services layer has automation and provisioning capabilities that enable enterprises to implement the latest DevOps practices. In the end, these automated processes can save more than a quarter of their development time.

Prevent security breaches

The average cost of a data breach in FinServ is a staggering $5.85 million, more than 1.5 times the average for all other industries. The industry remains a favorite of cybercriminals and bad actors due to the treasure trove of customer information (and money) up for grabs. The COVID-19 situation forced a virtually overnight transition to remote working and increased the number of devices and networks involved. This means that ISPs are more vulnerable to data and identity theft in the form of authentication and validation fraud, phishing, social engineering, DDoS and ransomware.

The Nutanix Cloud Platform enables enterprises to anticipate these heightened threats by deploying secure VDI or DaaS systems that scale remote work while flagging known and suspected breaches at each end. Strong security across workloads and platforms means businesses can breathe even without hardened perimeters, ensuring digital continuity and data protection from all-too-prevalent ransomware threats.

Meet compliance requirements

With or without the pandemic, FinServ is a melting pot of operating models that must adapt to macroeconomic factors and consumer behavior. Data processing and analysis is the key factor around which government regulations and compliance processes revolve. Cloud-based systems speed up data brokerage and also make it easier to extract trade surveillance data for money laundering or fraud schemes. Nutanix hybrid deployments help solidify the cloud journey with preconfigured controls to modernize an organization’s risk monitoring platforms, derive new insights and trends from data, and enable ongoing governance while reducing compliance costs.

“As the FinServ industry has shifted to the cloud over the past few years, less than a third of ISPs that are halfway through the process have achieved even 5% completion of key transformation goals such as increased deposit and lending volumes, IT agility, customer retention and reduced operational expenses,” says Mohamad Makki.

“Many ISPs make the mistake of layering piecemeal cloud solutions on top of their existing infrastructure in an effort to achieve functional goals. But that only makes it even harder to scale disparate workloads. In In some cases, a bottleneck can completely derail enterprise-wide transformation efforts.The Nutanix Cloud Platform that underpins an organization’s hybrid multicloud strategy provides a three-pronged solution that is essential to success: democratization, automation and unification,” he concludes.

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