As fintech solutions have proliferated in the financial service industry, one of the emerging keys to growing a customer base is to have the best customer experience. For services connecting with customers using digital access points such as web or mobile applications, this means monitoring the experience of users in real time and responding as quickly as possible when errors happen.
Hear how financial service providers Deutsche Bank and Stash use Humio log management to gain system-wide observability at our Financial Services Roundtable co-hosted by IBM.
Organizations that provide financial services and fintech companies experience constant pressure from customers, regulators, and competitors to increase the speed and quality of their services. For those organizations making the move to the cloud, there are additional layers of complexity arising from microservices in containers.
The FinOps journey’s third phase, “Operate”, is the last step in the FinOps cycle. But it is by no means the end. The first phase of the FinOps journey, Inform, is about gaining visibility into your cloud operations and creating accountability. Next, the Optimize phase focuses on discovering ways to optimize cloud services and resources, and creating frameworks designed to make spend more efficient.
The financial services industry has built in more capital buffers to prevent market shocks from bringing another economic collapse. In addition to these financial controls, many banks and personal trading platforms have begun building resiliency into information technology shocks. Despite these new precautions, we’re still seeing outages today, preventing customers from depositing and withdrawing their money, completing transactions, and executing trades during key events.
FinOps has three iterative phases: Inform, Optimize, and Operate. In the first part of this blog series, we discussed how the “Inform” phase is all about achieving visibility for resource allocation and creating accountability over the organization’s cloud spending. In this article, we will focus on the “Optimize” phase, and explore how it impacts your FinOps journey and the entire cloud spend optimization plans.
Financial Operations, or FinOps, is an emerging approach to public cloud-based IT infrastructure management. FinOps is borne out of enterprises’ growing need to keep their cloud processes and applications running, while achieving financial stability and profitability. FinOps is becoming an integral part of an organization’s overall cloud spend optimization strategy. Operating in the cloud streamlines business processes, accelerates workloads, and improves app performance.
It’s 2020 and running infrastructure on the cloud has become quite standard for many companies. This is underscored by a Canalys report that shows 2019 global cloud spend at $107 billion. This spend on cloud services is spread across AWS with 32.4% of the market, Azure at 17.6%, Google Cloud at 6%, Alibaba Cloud at 5.4%, and other smaller cloud players with a combined 38.5% of market share.
Companies spend millions of dollars on their cloud performance. Much of this is overspend, but large enterprises cannot risk downtime, and so they hugely overprovision in order to buy peace of mind. In this article we’ll reveal how AI-based Continuous Optimization can put a stop to this wastage, and employ automated machine learning to help companies save up to 70% on their spend.
