How to meet data storage demands in financial sector?

Data centers that have the ability to scale only to a single-petabyte and are made up of expensive servers will often result inhibiting the business goals of financial institutions. If that is what your organization is facing, then shifting to a horizontally scaled system that distributes data evenly across low energy hardware will help your organization in reducing costs and attaining increased performance.

In today’s world, cloud computing has made financial institutions offer a slew of online services. For instance, banks in various parts of the world, have integrated online banking as a service to their customers. But if the bank chooses to host its own cloud, then it can face an overwhelming increase in costs, as more customers make the shift to online banking. Here’s where institutions related to finance business can save costs and maintain a competitive advantage, through superior service, by adapting smart ways to deal with their data storage infrastructure.

Cost benefit analysis is needed

In response to the growing trend of online banking; many financial institutions are moving their data centers to centralized environments. In this scenario, data is stored in an independent location and is made universally available to all its service users. Thus, by adhering to storage consolidation practices, financial service providers can maintain a low-cost structure, while providing users with enhanced connectivity, performance and reliability.

However, scalability can often become difficult and cost sensitive in consolidated i.e cloud computing environments, especially, when influx of users seeking services grows immensely. To improve performance within a centralized data center large investments are required. So, in order to achieve enhanced functionality, financial institutions would need to purchase additional high performance, specialized equipment, which will raise costs and energy consumption. These additional expenditures will be unacceptable to financial service providers who are looking for cost-cutting strategies.

Therefore, at this point, financial institutions should not only have to scale their storage systems to accommodate additional users, but also must provide uniform performance to them on a simultaneous note.

So, what to do?

Therefore, in an era of IT cut backs, the following practices may help maximize data center ROI-

  • Seeking out distributed storage– A Distributed storage proves as a best scalability solution in this scenario. It’s made possible by advancements at the software level that counterbalance the performance advantages of a centralized data storage approach.
  • By choosing commodity components- Low-energy hardware makes good business sense. Commodity-component servers cost less and conserve energy, thus significantly reducing both operating and setup costs.
  • Adding caches to eliminate performance constraints will add costs and complexity to a system very quickly. However, a horizontal scalable system that distributes data among all nodes delivers a high-level of redundancy, eliminating bottlenecks.

Thus, by putting these best practices to effect, financial institutions will find improved performance, scalability and efficiency in their data center environments.

If you are in a confused state and need help in dealing with these issues, then Dynamic Network Factory (DNF) can help in providing full host of IT services and consulting, along with integrating, reliable, future ready NAS, SAS and iSCSI Storage solutions and workstations for banks and financial institutions.

Just call 510.265.1122 or click on DNF Corp contacts page to get started.

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