59% of decision-makers in financial firms say their organisation is currently using cloud-based data management, according to a new survey conducted by Alveo
Well over half of senior managers and directors in financial services firms (59%) said their organisation is currently using cloud-based data for portfolio management. Usage is more prevalent in the UK/US region, where 62% of financial decision-makers said their organisation was doing this, compared to 55% of respondents from the Asia-Pacific region.
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. Alveo’s research investigated the challenges and barriers firms face in rolling out -based data management, and polled respondents on the best way forward.
Other areas where usage of cloud-based data management is widespread, although less prevalent than for portfolio management, include risk management (35%) and collateral management (30%). Data marketplaces are another area where usage is becoming increasingly prevalent, especially internally to an organisation, with 65% saying they would publish data via marketplaces ‘very extensively’ to foster data sharing within departments.
The growing levels of usage have also meant that many firms are adopting a range of cloud-based data practices. Well over half of respondents (56%) say they are carrying out new internal application development using cloud native components and architecture best suited to take advantage of cloud infrastructure. In the meantime, 34% are rearchitecting existing internal applications.
At the same time, there is a big uptake of cloud native data warehouses (such as the Snowflake Marketplace and the AWS Data Exchange), which 54% say they associate with moving market data to the cloud. This association is higher in the UK/US region (60%) than it is in the Asia-Pacific (APAC) where it is referenced by 47% of respondents.
Mark Hepsworth, CEO, Alveo Technology, said: “Moving market data and market data infrastructure to the cloud has accelerated in recent years. Clients are drawn to the scalability, mobility, resilience and cost benefits that cloud based data management delivers. Using our cloud-native data management platform, we are confident we can help realise these benefits for our clients and help them make the most of the cloud whether through their own private or public cloud instancesor by opting for our data-as-a-service (DaaS) solution.”