A majority (62%) of financial decision-makers consider moving market data to the cloud to reduce total cost of ownership.

According to recent research from Alveo, the provider of cloud-based and cloud-agnostic market data management solutions, 62% of senior decision-makers in the financial services industry believe that shifting market data to the cloud will assist lower their total cost of ownership (TCO).

According to Alveo, a majority of participants in the Asia-Pacific area (77%) hold the same opinion regarding cloud data storage, in contrast to a smaller portion of respondents (46%) in the United Kingdom and the United States.

Beyond the obvious financial gains, cloud data management adoption is seen by financial services decision-makers as opening the door to major operational model changes. “More granular data acquisition and more specific delivery to consuming applications and users” (38%), “faster and more controlled data sharing with third parties” (41%) and “improved data governance” (28%) are some of these.

All information was gathered from a study that Alveo commissioned that was carried out in April 2023 and involved interviewing directors and managers from banks, insurance companies, asset owner corporations, and investment management organisations in the US, UK, and Asia-Pacific.

“Clients deal with the same core issues.”

Alveo Technology’s CTO, Mark Hermeling, presented the findings: “Clients face the same fundamental problems in terms of cleansing and validating data and getting data into the hands of consumers whether running data management on-prem or in the cloud, but they are also handling larger volumes of data and looking for scalability and reduced costs.” We at Alveo can assist in providing them with such through our solutions offering.

The fact that 52% of respondents indicated “lower cost of operations” and 39% mentioned “business self-service” when asked which areas of financial data management they would expect to see the most improvement over the next two years is evidence that market efficiencies are growing.

Only “security master” (48%) was predicted to be most impacted by the adoption of cloud data distribution and sharing, according to 44% of respondents, who also expected low latency and real-time.

When the respondents were questioned about the modifications to the operational model made possible by the use of cloud data management, that emphasis on efficiency surfaced once more. Among these respondents, 26% mentioned “faster adoption of data-as-a-service offering,” while 41% mentioned “faster and more controlled data sharing” with third parties.

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