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Virtualization – Benefits for Financial Institutions

Created: 18 May 2009 • Updated: 12 Aug 2011 • 1 comment
David Krauss's picture
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In my last post which focused on outsourcing, I highlighted the cost savings that can result from financial institutions implementing proper outsourcing practices. Virtualization is another technology that allows financial institutions to save not only money, but precious IT hours while helping an institution become more agile and employees more productive.

Virtualization benefits include:

  • Reduced IT Costs - Server and endpoint virtualization offer financial institutions a streamlined, automated and cost-effective way to deploy and support both computing resources and users, while also meeting regulatory requirements for privacy and reporting.
  • Increased Security – Institutions face the challenge of managing several branch offices and remote employees scattered across the globe. Such a complex management environment is filled with insecurities and inefficiencies, but leaving security to users can be infinitely more dangerous. Virtualization helps institutions achieve this security by implementing better endpoint controls.
  • Improved Flexibility - Virtualization helps financial institutions become more agile by providing the employees access to their workspaces from any location. With streaming technology, users can get access to their applications anywhere, anytime, on-demand.
  • Hours Saved – Through virtualization, many financial institutions have eliminated much of the manual work associated with application management, saving thousands of technician hours annually. Virtualization saves time with pre-deployment testing and central management. Additionally, institutions are better able to reclaim and redistribute licenses which results in fewer licenses and lower costs.

In today's economic climate any new technology proposal has to be able to prove its return right out of the gate, and virtualization has the potential to do this right away.  Recent research indicates that 90 percent of enterprises report “real and measurable ROI” from virtualization in general.

And as banks try to balance the challenge of doing more with less resources while restoring customer confidence, virtualization can play an important role when implemented and managed efficiently.  Institutions can benefit from fewer capital expenditures and lower energy costs even as the amount of information that needs to be stored and managed continues to grow.  Also, institutions are retaining and acquiring customers through improved security and a faster response to changing market conditions.

This should make for a compelling argument to many banking executive in today’s challenging environment.

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David Krauss's picture

If you are interested in some additional data points on how banks can leverage endpoint or workspace virtualization technology to deliver greater IT efficiencies and measurable cost savings,  there is new Symantec whitepaper now available that's entitled The 12 Business Benefits of Workspace Virtualization

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