Adopting cloud-first strategies and deploying open source Postgres technology are keys to driving financial institutional growth. These messages reverberated during the EDB on-demand Webinar, “Moving to Postgres Cloud—Considerations for Financial Services Orgs.” EDB Solution Architect Sandeep Arora and I walked through the business, technology, regulatory, and TCO drivers prompting the transformations happening at financial services organizations.
Based on his years of experience with banking, financial services, and insurance (BFSI) organizations recently completing these moves or contemplating them, Sandeep provided the market analysis and top-of-mind thought processes driving this transformation as summarized in the data points that follow
What’s driving open source and cloud adoption in financial services?
Whether it is cloud or open source, the financial services sector has been motivated by three key drivers:
#1 Agility & innovation
In the end, it’s all about delivering secure digital banking solutions faster for end consumers. Cloud enables faster development and deployment of applications, allowing financial services orgs to increase agility, responsiveness to market changes, and compliance with security & compliance requirements. These are crucial concerns in an industry, where innovation, security and speed go hand-in-hand, so the cloud plays an important role there.
#2 Data & Artificial Intelligence
In financial services, it is critical to capture, assess, and respond to modern threats and fraud vectors. Cloud and cloud-enabling technologies in AI, machine, and deep learning can help to identify and remediate these threats and ensure customers' personal and financial data assets are safe.
#3 TCO—Opex, Automation, and More Open Source
Last but not least, cloud enables these financial institutions to lower infrastructure costs and increase operational efficiencies using push-button automation capabilities. Whether it is integrating open source technologies, maintenance, security auditing and governance or employee productivity, they can leverage cloud to grow quickly and exponentially.
What are the critical features that financial services orgs must consider when running Postgres in the cloud?
With the importance and sensitivity of data in the financial services domain, there are key technical requirements in database and cloud that are foundational to these organizations.
Providing high availability, high security, and resilience are must-haves when it comes to deploying a Postgres database platform. Essential capabilities like data consistency, integrity and security, auditing and governance similarly cannot be compromised in the financial services domain. EDB offers a complete solution to either meet or exceed these requirements, which also contributes to reducing the risk of Postgres cloud migrations.
When you look at EDB, we bring in the whole ecosystem around Postgres—whether it is providing best-in-class software, extensions, tools, consulting or implementation experience, as well as managed services.
How does EDB help manage Postgres cloud transformation at scale and ensure a smooth migration?
We offer more than a decade of experience in transforming legacy database platforms to a more open and flexible Postgres solution—both on-premises and in the cloud. EDB provides migration tools and industry-leading Postgres experience required to reduce overall application refactoring efforts. EDB also provides robust data integrity checks to ensure that migrated code and data are consistent and complete with the source, which is an important aspect of successful migration.
We provide purpose-built Postgres solutions, like EDB Postgres Advanced Server, which delivers Oracle-compatible Postgres in any cloud environment (hybrid, multi-cloud, Polycloud) or CSP (AWS, Google Cloud, or Microsoft Azure) when deployed on our fully managed EDB Postgres Cloud solution.
Additional Postgres and cloud migration essentials for Financial Services orgs
Interested in learning more about:
- Why "default" CSP-provided Postgres deployments may not be the best choice for financial services orgs
- Why looking at the cloud as an “external data center” ignores its superpowers
- The importance of developer experience in running Postgres in the cloud
Watch the full webinar to learn more from one of EDB’s go-to hybrid cloud and Postgres solution architects.
Why wait to deploy your fully managed EDB Postgres cloud solution—get started today for free on AWS, Google Cloud, or Microsoft Azure.