The transformation that technology continues to make on the financial industry is also evolving. What’s driving these latest changes to front-to-back solutions is a desire for more integrated applications and better control of operational costs.
By leveraging FinTech, financial companies gain a competitive advantage, while also providing improved service to their clients. In the end, these front-to-back integrated solutions provide many benefits to the modern financial company. Let’s take a closer look at this trend to see if it can create more opportunities for your technology organization or software development career. Either way, there’s no denying the innovations currently happening in the FinTech space.
Standardized, Integrated Solutions Improve Operational Efficiency in Finance
Like their counterparts in other business sectors, financial sector companies continuously leverage technology to boost operational efficiency. FinTech also gives them a great opportunity to highlight these tech innovations to potential and current investment clients. Ulf Svensson, chief of strategy and business development for Bloomberg LP’s Enterprise Solutions group, commented on this trend.
“The ability to harness the power of an integrated platform, fed by high-quality data, is a powerful proposition when courting potential investors. After all, operational robustness is becoming just as important as the investment strategy itself when managers deliver their pitch,” said Svensson. Bloomberg also takes a phased approach to their tech upgrades, which gives them the flexibility to react to changing customer trends.
The Typical Applications Found in Front-to-Back Solutions
Many companies serving the financial space offer a front-to-back application suite that includes a variety of modules depending on the types of funds and services they offer. Some form of desktop application is typically standard. These generally include a dashboard providing access to real-time and historical market data among other functionality.
Additionally, integrated modules covering portfolio risk management, trade execution and management, and other managed infrastructure solutions are part of most front-to-back application suites. These applications’ ultimate goal involves putting valuable data as quickly as possible in the hands of the people that need it. The end result is improved synergies between traders in the front office with their coworkers operating in the back office.
Clients and customers are happy, which leads to more business and a healthier balance sheet for the institutions smart enough to embrace the latest in FinTech. Since the financial world is generally known as conservative, companies embracing the latest in technology can enjoy a significant advantage over their competition.
Looking for the right professionals?
If your organization needs the technology talent to thrive in the changing financial space, reach out to the team at The CERES Group. As one of the top technical staffing agencies in New England, we provide great candidates able to make a difference for you. Schedule some time with us soon!