Configuring systems in a virtualized or private cloud environments have enabled firms to report reductions in IT running costs of 50%, according to transfer agency technology provider Bravura Solutions.
The company released a whitepaper exploring the challenges facing financial institutions, and the opportunities that can be unlocked through the deployment of modern, agile systems based on standardized Internet technology.
The whitepaper explores how financial institutions can achieve these expectations and unlock opportunities through modern, open, agile technology systems.
Commenting specifically on how the findings of the whitepaper affect transfer agents and fund administrators, Aubrey Nestor, head of Product Transfer Agency at Bravura said: Fund Administrators and their Transfer Agents are increasingly recognizing the limitations and cost implications of utilising legacy transfer agency systems and this has resulted in some of our key clients, such as The Bank of New York Mellon, announcing strategic decisions to rationalise the number of TA systems that they use and standardise their Transfer Agency business on to a single modern Transfer Agency solution provided by Bravura.
Another key finding of the whitepaper includes how by improving interfaces between systems and raising data quality it is possible to reduce or eliminate exception processing, leading to a significant 30% increase in employee output.
Look under the covers of many financial institutions and you will find a disparate mix of aging hardware and software, being held together by a complex web of patches, interfaces and middleware. This patchwork of IT systems may appear adequate for todays requirements, but they are costly to maintain and prone to providing unreliable data, said Roland Slee, Bravuras managing director APAC. A simplified IT environment with greater reliability, reduced costs, and tighter security will enable firms to realize agility.
(JDC)