Scalability is an important consideration throughout many different areas of financial services and in recent years technological innovation has pushed the level of importance and the discussion around scale even further. At Anevis we have worked with a lot of clients these past few years where we have seen directly how important scalability is for their business and when we have the opportunity to work with a new client we are occasionally asked “…we see the importance of this service for our business, but how will this scale up and out as our business grows?”
And we think this is a great question, so in this week’s post we wanted to take a little time and try to provide an answer in a meaningful way.
When we talk about the scalability as part of our development and production process, we are looking at it from different vantage points.
Firstly, one of the most important ways we think of scalability is in our ability to have a scalable business with the ability to successfully support our clients. This is an important consideration, that can be useful for both small and large institutions alike. I will now try to explain why we feel that this is useful for financial services institutions of all sizes, although the reasons why it is useful may vary for each type (or size) of user.
For the larger financial institutions that we are working with, having scalability is important for them because it provides confidence in ensuring that Anevis Solutions will be able to move in lock-step and match the scale of their operation. This may necessitate heavy computational power and real-time support as business dynamics change. These are the institutions most concerned about the computational capabilities and our ability to perform. Essentially, this is all about ensuring we are able to support their business. In this case, we would demonstrate our ability to process millions of documents per day and that we can also easily add servers to expand the computational capabilities, without incurring significantly bigger maintenance costs.
Additionally, there are also the smaller institutions we work with that are on the other end of the spectrum. These are the investment and technology teams looking to reap some benefits from scalability but they are themselves a different variety. What we have seen for many of these smaller organizations, especially as relates to our services, is that it can be a pain for them to create documentation like fact sheets on a regular basis if they do it themselves. They have often found that the effort required for them to manage this process in-house is not worth their time. When they factor in the resource, development costs, head-count as well as continual error-checking it doesn’t seem to be the most efficient use of valuable team resources. It is for these clients, that they are thinking of scalability from the other vantage point of how this can help them adapt with a time efficient product and investment documentation process.
While the largest of our clients are also able to achieve efficiencies in this way, and the smallest of clients may at some point need to scale in the computational sense, we feel this is the greatest differentiator. Even though both of these clients have a very different profile, it is important for both of them to achieve scalability of their business operation and also to have the confidence that their service providers can match them with their services’/product’s scalability.
When it comes to our specific approach, we give a lot of credit to our development and R&D process in place. It is through their efforts that in the world of scalability we have been able to achieve great things. Due to a very efficient set up process, we are able to deliver our service to small clients in a highly efficient and scalable manner. These clients are able to profit from this architecture that we have in place and reap the benefit of an easy onboarding process. That being said, we also take great care in supporting the largest clients with computational strength and an ability to scale massively our services, in a very palatable and cost effective manner. Here at Anevis we have a track record of supporting all our clients and it has been the foresight of our skilled development staff to effectively provide this critical business support. Also, if you’d like to read more about this topic and have future articles delivered conveniently to your inbox, please sign up for our newsletter.
This week’s article was intended to give an overview of what we have in mind on the subject of scalability. At the end of the day, scalability will mean something different and specific, depending on the organization. We have seen the results from clients who have reduced their resources allocated to their reporting and documentation processes, how scalability can enable them to economically grow their business, or just the peace of mind that they are well prepared for an adapting and dynamic market place. We have been fortunate enough to work with many different organizations who have given us insight into how they define scalability and it has continually helped us build our processes as well. We hope that you have found this article to be interesting and, as always, we welcome any feedback or comments that you have on this article and on the other subjects most important to you.