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In today’s competitive market, where firms face increased competition from cloud-based fintechs and big tech companies who are branching out into financial services, the need to innovate is more critical than ever.

Automation is an integral component of any truly modernized workplace. Handing tasks and workflows over to a computer is perhaps the easiest way to improve efficiency. But automation isn’t solely about speed. In addition to saving time (and therefore money), automation can also reduce risk and take your business intelligence to the next level.

The financial services industry has had a reputation for conservative business practices and resistance to change. But market forces like Big Tech disruptors and born-in-the-cloud fintechs have changed that calculus.

When we talk about the concept of the modern workplace, we’re talking about how people work today. A large part of that involves the shift to remote and hybrid work environments. But the modern workplace is also defined by the ability to access and share information from anywhere and from all devices without friction.

By the end of 2021, 45% of full-time employees were working remotely at least some of the time. Nine in 10 workers said they wanted to continue with that approach. A year later, though, a cooling job market has shifted bargaining power to employers, and a growing number are calling workers back to the office. Large enterprises from GM to Google are implementing their return-to-work plans, negotiating and fine-tuning along the way. 

Modernization is non-negotiable for financial institutions looking to compete for talent and innovate in the marketplace. While the shift to a modern workplace was well underway pre-pandemic, the sudden and widespread adoption of remote work only accelerated the trend. Now, modern workflows and technologies are necessities—not luxuries. They enable greater flexibility, efficiency, and collaboration—to name a few.

A growing number of financial services institutions have embraced cloud computing, and alternative investment firms are no exception. But do you have the cloud infrastructure you actually need to support your business?

If your company is like many alternative investment firms, you have plans to migrate to the cloud. Today’s public-cloud options provide more-predictable infrastructure costs, stronger cybersecurity, and greater flexibility to innovate and grow.  But are you positioned to maximize the returns on your cloud investment? Or are you about to stumble into common pitfalls that can result in business interruptions or a cloud infrastructure that doesn’t adapt to changing needs? 

 Across the board, alternative investment institutions are increasing their budgets for cybersecurity initiatives related to digital transformation. In a recent IDC survey of 400 such institutions, nearly half said they plan to increase spend by more than 10%. Digital transformation offers myriad benefits, but innovation must be balanced with risk. Indeed, nearly half of survey respondents cited security and privacy as leading concerns about the process.