The movement of data is the lifeblood of the financial services industry. Data must be accessed rapidly, move quickly, and be stored securely. And although data centers have been vital assets in banking and trading for many years, their importance is only growing as the demand for mobile services amplifies, compliance regulations grow stricter, and disaster recovery planning becomes increasingly critical.
At Riverstone, we get this, and have made it a priority to help businesses within the financial services industry affordably achieve IT excellence. Continue reading to learn why banks, insurance firms, & investment companies alike trust Riverstone Technology to keep their mission-critical infrastructure operating at peak performance.
Electronic Trading Drives Demand
The proliferation of electronic stock trading has been a significant factor in the financial sector’s use of data centers. Now anyone with an internet connection can get involved, creating a greater demand for access to financial market data than ever before. In fact, among smartphone users 63% have at least one financial app. And such mobile services exponentially increase the amount of data that needs to be processed at any given time. Put simply, big data has become a fact of life for financial companies. But individual stock traders are hardly the sole reason the financial sector has become reliant on data centers.
High-frequency trading (HFT) has become extremely popular among investment banks and hedge funds. HFT is algorithmic trading characterized by high-speed trade execution, an extremely large number of small transactions, and a very short-term investment horizon. The goal is to get out in front of the emerging trends spotted by high-speed computers to give the institutions behind them an edge in the marketplace. However its success largely depends on a network’s connectivity with minimal latency; milliseconds and nanoseconds are all it takes for a lucrative trade to fall through. Data centers and “proximity hosting” are instrumental in shaving those milliseconds off the time required to execute a trade.
So What is Third Party Support?
Third party support is an alternative to traditional original equipment manufacturer (OEM) support services provided by a non-OEM company. Offering greater contract flexibility and more responsive SLAs, third party support providers are helping to drive innovation, lower costs, scale infrastructure, and enable organizations across all industries to break free from extortionate, manufacturer-induced, hardware refresh cycles.
While it may be tempting to want to maintain the familiarity of the OEM, the truth is there are alternative IT providers who can execute data center support a) better and b) cheaper. Not only will third party support save your financial institution money, it will provide you with drastically better response times and quality of care.
How the Financial Sector Can Benefit from Third Party Support
Third party providers are here to help effectively manage this unprecedented explosion of data, regulatory requirements, and customer demands. Third party support offers the financial sector more than just an easier way to gain access to high-quality data center infrastructure; it also greatly reduces costs while enabling new levels of network flexibility and disaster recovery. With the need to find budgetary flexibility higher than ever, the benefits of third party support for the financial services industry are self-evident:
1. Support Increased Workloads
Speed is paramount in the financial services industry. Bandwidth-hungry apps, mission-critical systems, and high-frequency trading demand more throughput and capacity than ever before. And when millions of financial transactions are on the line, downtime just isn’t an option.
That’s why third party support providers offer business-ready equipment and remote monitoring solutions. Riverstone Recertified hardware is heavily discounted and stocked globally, permitting organizations experiencing sudden growth to scale in-house infrastructure capacity quickly and affordably. Moreover, Riverstone’s 24/7/365 Real-Time Monitoring service allows us to remotely predict potential failures and fix any network problems fast. Our instantaneous response keeps downtime at bay to ensure systems are continuously online and functioning effectively – saving you time and money. For additional network coverage and affordable hardware to support increased VPN capacity needs, consider Riverstone.
2. Rein in Business Costs
As data continues to grow at phenomenal rates, so does the infrastructure required to host it. And though tech budgets have been increasing with this growth, IT directors are expected to make that cash stretch further than ever before. The truth is that no matter how much more money is allocated each year, the majority of an IT budget (57% – 80%) is spent maintaining existing assets. Fortunately, there’s a solution.
Third party maintenance offers an extremely cost-effective alternative. Providing a similar level of service and support, third party maintenance contracts are typically 40% – 70% less than the OEM equivalent. Companies that partner with Riverstone specifically save up to 80% on support and hardware in comparison with manufacturer rates. That’s 10% more on average than other third party providers can offer. Don’t allow COVID-19 to affect your financial institution’s 2020-2021 plans any longer: make your budget go further and contact our team at Riverstone today.
3. Better Disaster Recovery
In an industry as fast-paced as the financial sector, maintaining uptime is critical. Minutes can cost millions in lost transactions and unhappy customers. And if a natural disaster, major equipment failure, or outage interrupts financial transactions, your institution’s reputation may experience irreparable damage.
Third party support gives businesses the flexibility to choose from response times and coverage windows that can best meet their specific service needs. At Riverstone, our customized support packages include both certified technicians and spare parts stocked within 50 miles of your data center. And with 24/7/4hr support our response time will be faster than both in-house support or the manufacturer’s support program. Furthermore, we offer backup and disaster recovery through local nightly backups that are then copied to the cloud, with the option of a virtualized server in the event of disaster/fire/flood. There is no excuse for failing to backup and maintain your systems. Allow Riverstone to help you do so today.
Hundreds of firms across the financial sector have turned to Riverstome for first-rate support, maintenance, and warranty services. That’s because with us you get real people, reliable service, and our undivided attention, so you never feel like just another account. For further questions concerning financial data center support services, please contact us by phone at 877-819-6757 or simply chat live with a representative on our homepage.