By Shirette Stockdall
Choosing a strategic communications infrastructure partner can be a daunting task, but most traders, bankers, accountants, managers, etc. working within the financial realm already are pulling double or even triple duty (especially around tax season). Investing in partner who can provide an institution with multiple services can relieve some stress off the business’ shoulders, especially as new technology arises – requiring wealth management institutions, banks, etc. to be able to support these new technological advances.
For instance, blockchain is an emerging technology. It is a shared immutable ledger, facilitating the process of recording transactions and tracking assets in a business network. Anything of value can be virtually tracked. Its use is to not only track assets, but to also transfer transparent information faster across permissioned network members. While blockchain sounds like a valuable tool, it also requires networks of data centers to function as hosts for the shared ledger.
Another emerging technology that is being more frequently used within the financial world is artificial intelligence. AI already performs stock trading, however, AI is becoming more important in the financial sector for personalizing banking products and identifying risks faster than humans. In order for AI to function though, it needs huge amounts of data to act upon or else it cannot reach any conclusions. Where is the data stored? Likely, a data center.