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62% of senior decision-makers working in financial services say that moving market data to the cloud will help reduce their total cost of ownership (TCO). More than three-quarters of respondents in the Asia-Pacific region (77%) take that view compared to just under half (46%) in the UK/US.
Beyond the financial benefits, financial services decision-makers see the adoption of cloud data management as enabling significant changes in operating model. These include ‘faster and more controlled data sharing with third parties’ (41%), ‘more granular data acquisition and more specific delivery to consuming applications and users’ (38%) and ‘improved data governance’ (28%).
That’s according to research commissioned by Alveo conducted in April 2023, surveying directors and managers working for investment management and asset owner firms as well as banks and insurance companies across the UK, US and Asia-Pacific.
Looking to the future, with cloud data management, distribution and sharing all growing apace, positive trends are emerging. As Mark Hermeling, CTO, Alveo Technology said: “Whether running data management on-prem or in the cloud, clients face the same fundamental problems in terms of cleansing and validating data, and getting data into the hands of consumers, but they are also handling larger volumes of data and looking for scalability and reduced costs. We can help deliver that to them through our solutions offering at Alveo.”
As evidence that there are growing efficiencies across the market: when asked in which areas of financial data management, they would expect to see most improvement over the next two years, 52% of those surveyed referenced ‘lower cost of operations’ and 39% ‘business self-service’.
44% said they expected low latency/ real time would be among the areas that the adoption of cloud data distribution and sharing would have most impact, second only to ‘security master’ (48%). That focus on efficiency is repeated when the survey sample is asked about the changes in operating model that the adoption of cloud data management enables. 41% of respondents reference ‘faster and more controlled data sharing’ with third parties while 26% cite ‘faster adoption of data-as-a-service offering’.
