Forefront Communications

HFM Technology: Staffing Amid the Saas Boom: How Tech Vendors Can Keep Pace

Tourmaline

Sam Belden

Sam Belden

By Sean Sullivan (CRO, LiquidityBook)

The financial services industry’s long march to the cloud is accelerating, and the reverberations are being felt in all corners. The rapid adoption of fully SaaS-based trading systems has been one of the major trends in the front-end technology space over the past few years. Plenty of ink has been spilled about the implications for the buy and sell sides, but the truth is that this shift has also resulted in a sea change for the technology providers themselves.

Web-based trading tools are nothing new, and web-based OMS/PMS tools naturally followed through innovation, yet many firms have chosen to deploy them only in the past few years. As these vendors gain market share and exposure, industry players find they can no longer ignore the benefits of the SaaS model: efficiency, stability and customisability. This has created a snowball effect, with cloud adoption on an upswing.

Despite the incredible talent that exists in our space, keeping up isn’t easy. Many of these new adopters are former clients of traditional legacy system. Transferring decades of data into a new software framework can take months and requires a deeper skill set and experience with disparate systems and datasets.

What’s more, SaaS-based providers develop enhancements on a continuous deployment basis for their customers. This is a key benefit of multitenant SaaS solutions: enhancements can be deployed to the entire client base at once, without the risks inherent in upgrading legacy systems.

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