Banking customers today expect constant online access to account balances, payroll deposits, debit and credit card transactions, automatic mortgage payments and a growing list of other digital services
GLENDALE, Calif. (PRWEB) September 04, 2019
According to a recent report from UBS Evidence Lab, large banking companies such as Bank of America and J.P. Morgan Chase plan to make significant increases in their IT budgets over the next few years. Smaller institutions, however, report financial constraints on the expansion of their technology strategies. “Banking customers today expect constant online access to account balances, payroll deposits, debit and credit card transactions, automatic mortgage payments and a growing list of other digital services,” said James D’Arezzo, CEO of Condusiv Technologies. “The challenge for smaller institutions is to find ways to stay both competitive and on-budget.”
The pressure on smaller banks’ IT capacity is due to the financial sector’s rapid adoption of internet-of-things (IoT)-enabled systems and devices. A study by Absolute Market Insights projects that IoT adoption in the banking and financial sector will grow at a cumulative aggregate growth rate of 55.3 percent between 2019 and 2027.
IoT technology vastly expands the base of available information, which enables new metrics and solutions for bankers. However, the accompanying flood of unstructured data can overwhelm the IT resources of an organization not prepared to absorb and process it.
This was the case with Supreme Lending, a Texas-based mortgage banker and broker. The company found itself faced with deteriorating performance from a home-grown loan origination program sitting atop an MS-SQL database. The organization’s first thought was to speed performance by purchasing new flash storage arrays. Subsequent investigation, however, revealed the real problem to be small, fractured and random I/O characteristics that were slowing the entire system.
After installation of Condusiv’s V-locity I/O reduction software, MS-SQL report time dropped from five to ten minutes to 30 seconds. Five-second screen advance times essentially disappeared. The company saved hundreds of thousands of dollars by extracting significantly more performance from the hardware systems it already had.
Smaller institutions like Supreme Lending are innovative in taking this alternative approach in response to these challenges. By solving performance problems with a software solution instead of an expensive and time-consuming “forklift” hardware upgrade, smaller banks can now allocate more financial resources to developing digital services and capabilities to stay competitive. Condusiv’s V-locity throughput acceleration software for virtual servers offloads 30-50 percent or more of their “noisy” I/O which dramatically improves performance an average of up to 50 percent or more (often far more). These were exactly the improvements seen by Supreme Lending.
“Banking is just one on a long list of industries positioned to benefit from massively increased quantities of data,” said D’Arezzo. “The challenge, as we see in IoT-based applications, is not collecting the data but processing it. In looking for ways to meet this challenge, it’s important to remember that most latency and I/O performance issues are caused by the operating system, particularly in the Windows environment. When compared to a hardware upgrade, the software solutions Condusiv offers are far more effective—both in terms of cost and result—in increasing overall system performance.”
About Condusiv® Technologies
Condusiv Technologies is the world leader in software-only storage performance solutions for virtual and physical server environments, enabling systems to process more data in less time for faster application performance. Condusiv guarantees to solve the toughest application performance challenges with faster-than-new performance via V-locity® for virtual servers or Diskeeper® for physical servers and PCs. With over 100 million licenses sold, Condusiv solutions are used by 90% of the Fortune 1000 and almost three-quarters of the Forbes Global 100 to increase business productivity and reduce data center costs while extending the life of existing hardware. Condusiv Chief Executive Officer Jim D’Arezzo has had a long and distinguished career in high technology.
Condusiv was founded in 1981 by Craig Jensen as Diskeeper Corporation. Jensen authored Diskeeper, which became the best-selling defragmentation software of all time. Over 38 years, he has taken the thought leadership in file system management and caching and transformed it into enterprise software. For more information, visit http://www.condusiv.com.
1. Eide, Naomi, “With multibillion dollar tech budgets, large banks eclipsing competitors’ investments,” CIO Dive, April 9, 2019.
2. “Global IoT in Banking and Financial Services Market 2019-2027,” Absolute Markets Insights, March, 2019.
3. Fitzgerald, Kris, “Why Companies Ned To Think Critically About IoT,” Forbes, June 14, 2019.
4. “National Mortgage Lender Eliminates Sluggish MS-SQL Applications with V-locity I/O Reduction Software,” condusiv.com, case studies, 2019.