For most financial services organizations, digital transformation isn't a choice, but essential for long term success. According to Gartner "a third of financial services CIO's identified digital as their top business priority for 2019." The post-pandemic reality has solidified the reality that digital solutions are fundamental to the future success of financial service institutions.
"...a third of financial services CIO's identified digital as their top business priority for 2019."Gartner Blog: The 5 Digital Transformation Identities of Financial Services Organizations, January 7, 2019.
Digital transformation is key to the success of Financial Services organizations
A Coded Financial Services Enterprise automates the configuration of complex or disparate systems in a scalable manner; defines security and compliance policies as human-readable code, and efficiently packages and distributes applications into heterogeneous environments.
Chef helps companies become Coded Enterprises that become high performing organizations that have learned how to apply code to automate the secure delivery of infrastructure and applications.
Coded Financial Services Enterprises are leaders in their industries, serve their customers well, and are positioned for the future. They innovate and move with velocity, they maintain security and compliance at scale, and they apply repeatable patterns to deliver applications to their systems.
Infrastructure Configuration Management Solutions
Many Financial Services organizations have fully embraced the acceleration of application development by adopting agile principles and modern software engineering practices. Yet the number of Financial Services organizations that apply this thinking to managing IT infrastructure remains limited. Requests for infrastructure typically still go through an assembly line process that includes many handoffs, long delays and often misconfigurations.
High performing Financial Institutions have taken a novel approach and adopted Infrastructure as code, or the process of managing, provisioning, and deploying necessary infrastructure resources as code. These IT resources can be as bare-metal, VMs or hybrid cloud instances.
Chef has helped financial services organizations define infrastructure as code, ensuring that configuration policies are flexible, versionable, testable and especially simple as they are human readable. IT resources that are managed by Chef are continuously evaluated against a predefined desired state, which ensures that configuration drifts are automatically corrected and when necessary configuration changes can be universally and efficiently applied.
Continuous Compliance Software
Financial Services organizations are part of heavily regulated industries in their own right such as banking, insurance, and wealth management. Regulatory, industry, or own corporate compliance standards are varied, diverse and complex to say the least so streamlined and automating these processes can be difficult.
The current regulatory state of affairs requires Financial Services organizations to provide documented and comprehensive audit of the state of compliance of their systems. Only by taking a continuous compliance approach against compliance and security rules expressed as code will financial institutions be able detect noncompliance, identify and prioritize issues, then quickly apply remediation across the entire fleet.
Chef has assisted financial services organizations from across the globe, through Chef Compliance, to gain greater control over the detection, correction and automation of security and compliance issues.
With financial services organizations being subject to regulations such as FFIEC, PCI-DSS, FFIEC, and GDPR, managing compliance is a complex and dynamic process with a lot of moving parts. Between the myriad of international, federal, state, and local laws, industry-specific regulations, and company-specific requirements, achieving compliance in a robust financial regulatory environment can be challenging.
Chef has helped financial service institutions by delivering consistent and scalable ways to maintain and enforce compliance across their organizations.This is especially true when it comes to time-consuming and inefficient audits that divert valuable engineering resources.Learn more about Chef Compliance
A FinTech Compliance Story
Application Delivery Automation
In the digital world how fast an institution can respond to a change is dependent on how quickly they can move software updates from development to production. This has put increased pressures on financial institutions to adopt agile development practices, modernize their application portfolios and scale continuous delivery pipelines.
Chef provides application delivery automation solutions that enable financial institutions to apply agile development practices to their existing portfolios and create application packages that can be consumed by any pipeline and run in any environment without rewriting or refactoring. With a regulated pipeline every change whether it be code changes, patches to the OS, changes to the supporting databases or changes to the infrastructure it is running on can be handled quickly, consistently and securely.
Key benefits of Chef’s approach to application delivery for financial institutions include:
Standard Bank transforms its software delivery process to provide new features at velocity.View the Customer Story