Investing in new technology is a tough game, especially in the finance industry. Over recent years, the move to cloud-based systems, SaaS, and other modern tools has sped up.
Big financial companies know they have to keep up, or they’ll be left behind by new players. But there are roadblocks, like keeping data safe. For more insights on tackling these challenges, you can check out , which can help you advance the technology of your business.
Keeping Data Safe
The finance world is a big target for data breaches because it handles a ton of sensitive information that’s worth a lot. Keeping this data secure is a 24/7 job, especially against threats like data theft or server attacks.
There are automated tools to help developers spot and fix security weak spots. If you’re managing technology, make sure the tools you pick let you keep tight control over data flow, remove sensitive information when needed, and have good security measures. Look for tools that offer role-based access and have credentials like SOC2.
The Trouble with Old Systems
Financial companies, like many established industries, still rely on older systems for key business tasks. These old systems are a double-edged sword. On the one hand, they’re becoming security risks and don’t play well with new technology, while swapping them out for new systems isn’t as easy as it sounds.
The Shift to the Cloud
Traditionally, financial services have kept their technology on-site. But these days, especially with the pandemic changing how we do things, there’s a push to modernize. That means:
- Moving to cloud-based solutions
- Using containers
- Adopting microservices
- Implementing Kubernetes
Yet, switching to new technology isn’t a quick fix. It can take years to fully transform digitally. And let’s be real: there’s a ton of money, maybe even trillions, tied up in old systems. Yanking all that out and moving it to the cloud isn’t just risky; it could be a disaster waiting to happen.
Tackling the Issues
When you face challenges like keeping data safe, figuring out different technology setups, modernizing software, or adapting to new situations, having the right tools is key.
One smart move for technology teams in finance is to use the services of companies like Keenethics and find tools that can handle both old and new systems. Your boss might not be cool with you moving a key business app to AWS right away. But if you’re careful and strategic, using tools that work well in mixed environments, it’s just a matter of time before the finance world is fully up-to-date.