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Managing Compliance, Certification & Updates for FSI applications

Posted by Dos Dosanjh December 5, 2017
Managing Compliance, Certification & Updates for FSI applications

The Financial Services Industry (FSI) is in the midst of an application transformation cycle.  This transformation involves modernizing FSI applications into fully digital cloud services to provide bank customers a significantly better user experience.  In turn, an improved customer experience opens the door for the FSI to offer tailored products and services.  To enable this application modernization strategy, Financial Institutions are adopting a range of new technologies hosted on Cloud infrastructure.

Challenges of Application transformation: Managing complexity and compliance

complexity and compliance of fiserv applications

The technologies that are introduced during a Financial Service application modernization effort may include:

  • Multi-cloud: Public / Private / Hybrid cloud provides elastic “infinite” infrastructure capacity.  However, IT administrators need to control costs and address regional security requirements.
  • SaaS services: SaaS Applications such as Salesforce and Workday have become standard in the industry. On the other hand, they still have their own release cycle that might impact the rest of the application.
  • Artificial Intelligence: Machine Learning, Deep Learning, Natural Language Processing offer new opportunities in advanced customer analytics yet require a high technical level of expertise.
  • Containers provide portability and enable highly distributed microservice based architecture. They also introduce significant networking, storage, and security complexity.

Together, these technology components provide the capability for FSI’s to meet market demands by offering mobile-friendly, scalable applications to meet the demand and requirements within a specific geographic region.  Each region may have stringent compliance laws which protect the customer privacy and transactional data.  The challenge is to figure out how to release these next-generation FSI applications while ensuring that validation activities have been performed to meet regulatory requirements. The net result is that any certification process for a financial application and the associated modernization effort can take weeks, if not months.

Streamlining FSI application certification

cloudshell blueprint example

The approach to overcoming the challenges mentioned in the previous section is to streamline the application validation and certification process. Quali Cloudshell solution is a self-service orchestration platform that enables FSI’s to design, test and deploy modernized application architectures.  It provides the capabilities to manage application complexity with standard self-service blueprints and validate compliance with dynamic environments and automation.

This results in the following business benefits:

  • Hasten the time to market for new applications to realize accelerated revenue streams
  • Cost savings by reducing the number of manual tasks and automating workflows
  • Application adherence to industry & regulatory requirements so that customer data is protected
  • Increase customer satisfaction by ensuring application responsiveness to load and performance

Using the CloudShell platform, the FSI application release manager can now quickly automate and streamline these workflows in order to achieve their required application updates.

Want to learn more?  Check out our related whitepaper and demo video on this topic.

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