Financial planners and advisors who are thinking of buying a new, more powerful computer may want to hold off for a couple of months.
State Street Bank this week announced plans to offer a cloud computing service geared to investors and investment professionals. The system, which a company spokeswoman said will be out of beta testing in “a couple of months,” is on target to be offered to subscribers in the fall.
State Street’s new financial services cloud product, according to Christopher Perretta, executive vice president and chief information officer, will feature custom analytics, improved risk management, performance compliance and advisory services, allowing investment advisors to offer significantly improved client service.
By using the cloud -- essentially a network of mainframe computers that can be accessed from any browser -- instead of just internal computer-based software or subscription services, Perretta claims advisors and other investment professionals will be able to offer clients custom analytics, accelerated time-to-market, and “integration of information, tools and front-office capabilities.”
As an example of how using the cloud can benefit the financial services industry, State Street cites the converting of new clients onto a company’s platform.
“Doing so accurately in an open system environment can currently take an average of three to six weeks. In a private cloud environment the same process can be done consistently in just minutes, reducing conversion times, eliminating significant labor costs and improving client service quality," the firm said in a statement.