Recently we sat down with Monty Zarrouk, Senior Solutions Marketing Manager at NetApp to talk about how financial services organizations today face unique IT challenges resulting from continued data growth and regulations.
There is a lot of discussion in the IT world regarding the transition happening within customers to support escalating data growth and evolving business requirements. These changes are putting increased pressure on IT to transform itself. Are you hearing the same conversation in financial services?
Monty Zarrouk: From a business standpoint, financial services customers face challenges similar to those experienced by other sectors, with some exceptions. For example, they face exponential data growth, increased competition, and fluctuating customer demands. They also have budget constraints that challenge them to think differently about how to affect business with IT today. However, the major differentiator is the regulations. The financial services industry faces increased pressure from a wide range of regulations. They must keep customer data accurate, secure, and accessible, while staying compliant with Sarbanes-Oxley and MiFID.
Financial services is a broad sector. Can you give some specifics as to what these organizations consist of and how their needs might differ?
How does NetApp help financial services companies? What makes NetApp valuable to this industry?
MZ: The NetApp® portfolio of data management solutions can help financial firms adapt more quickly to their changing environments. We help them manage their data seamlessly across hybrid scenarios, simplify operations, provide efficient data storage, protect data at scale, and reduce time to market for new applications. Our solutions can help financial services customers manage risk, create new services for clients quickly, and/or deal with complex industry regulations. In fact, more than 9,000 financial services firms worldwide rely on NetApp.
Cloud tends to be a hot topic across many industries but has unique considerations for financial services organizations. Can you share some perspective? Specifically, how does the hybrid cloud benefit the financial services industry?
MZ: Financial services firms need to maintain strict control of their data, wherever it resides. To implement a solid hybrid solution in the financial services world requires a way to safely extend the “digital walls” because regulation stipulates that data cannot leave the premises of the firm. But what “premises” means is something IT leaders are continuing to grasp. More important, financial services firms need a unified data architecture that reduces complexity and connects disparate environments, making all of their data available everywhere.
NetApp, of course, has a broad range of options to help customers manage their data in the cloud. In general, NetApp helps customers achieve seamless data management across private and public cloud resources, including hyperscale cloud providers, with our universal data platform based on NetApp clustered Data ONTAP®.
Can you share some examples of financial services organizations with which NetApp is working? Can you give some specifics around the business impact NetApp has achieved for these organizations?
MZ: Financial services organizations often do not get enough credit for some of the innovation they achieve with IT due to some of the strict regulations and customer challenges they face. Here are some examples that are quite compelling:
Follow NetApp on Twitter, including conversations around the company’s Financial Services Forum, June 25, 2014, in New York, using #NetAppFinServ.