Revolutionizing Wealth Management with Boomi and Azure
The wealth management industry is accelerating at a rapid pace. As the industry expands over the next decade, asset managers must innovate and disrupt the market. According to Statista, Assets Under Management (AUM) are expected to grow at a CAGR of 5.34% from 2024 to 2028, reaching a market volume of $158.70 trillion by 2028. However, increases in inflation, interest rates, and market volatility since 2022 have created a less promising economic outlook. Many wealth managers today face weak net new asset growth and shrinking investment management margins. Consequently, the demand for advanced data integration solutions in financial services has surged as organizations seek to mitigate business flaws and derive crucial analytics.
Challenges Faced by Wealth Management Firms
Wealth managers must address several key challenges:
- Differentiation in an Era of Personalization
- Simplifying and Streamlining Complex Operations
- Delivering Smooth and Uniform User Experiences
- Revamping Essential Control Functions
- Ensuring Consistent and Unique Experiences
To gain flexibility and respond quickly to market changes, enterprises must integrate advanced technology to automate critical processes.
Azure’s Impact on Financial Services
Today, most financial and wealth management firms rely on the cloud to modernize their operations, with Azure being a significant driving force behind data integration solutions for financial services. Azure’s wide array of interoperable cloud services includes open-source iterations of Microsoft tools, all managed and hosted remotely. Azure is renowned for its vast scale and is often called a “hyper-scale cloud.” Ninety-five percent of Fortune 500 companies use Microsoft Azure, relying on its cloud services to build and deploy multiple applications responsively and agilely.
Azure provides wealth management firms with a secure and scalable cloud platform. Legacy systems can use a hybrid cloud solution to seamlessly integrate Azure with on-premise infrastructure, offering control, security, and application consistency. Additionally, Azure Virtual Machines offer flexible data center solutions, eliminating the need for costly hardware upgrades. High-performance computing virtual machines are optimized for HPC applications such as financial analysis. Azure Asset Management ensures data security and access control, helping track your asset inventory and discover all your cloud resources.
Boomi and Azure: A Perfect Combination for Wealth Management
Tackling Cloud Complexity with Cloud Modernization
Legacy systems in wealth management firms hinder progress and competitiveness against new market entrants. Data stuck in silos constrain enterprises from proactive operations and fail to meet data security and regulatory compliance requirements, exposing them to risk. Boomi, combined with Azure’s hybrid cloud setup, helps connect disparate systems, enabling a modern data strategy. Enterprises can migrate to public, private, and hybrid clouds or a combination of both to drive down costs.
Advanced Pre-Built Connectors to Manage Critical Functions
Most wealth management companies use Microsoft products, and they trust Boomi for its quick and agile integration between Microsoft Azure and Dynamics, as well as other critical enterprise applications—whether in the cloud or on-premise. Boomi features pre-built connectors for many unique endpoints, including Microsoft Cortana Intelligence Suite and Microsoft Dynamics. Deploying integration processes with the Boomi Atom runtime engine, which can be hosted on Microsoft Azure, is straightforward. Boomi’s pre-built connectors to Azure SQL Data Warehouse, Azure SQL Database, and Azure Blob Storage enable wealth management firms to build connectivity quickly and cost-effectively. Boomi’s Microsoft Azure Blob Storage connector simplifies the creation of Azure Storage objects, facilitating easy integration.
Creating a Data-Driven Approach for Insights
Decisions based on inaccurate information can lead to missed business opportunities and operational risks. Boomi and Azure’s virtual machine support both single-tenant and multi-tenant private clouds. Installing a single Boomi Atom on a virtual machine in Azure results in a Single Tenant – Local installation, while installing multiple molecules on Azure requires a Private Atom Cloud, which can host Single or Multi-tenant – Private Clouds. This approach helps financial institutions and banks develop a data-focused strategy, making informed business decisions to improve customer experience and loyalty, reduce risk, and generate new revenue streams.
Conclusion
Adapting to the latest technology is crucial for financial and wealth management firms. Microsoft Azure combined with Boomi can provide your company with a competitive advantage and access to the latest technologies and updates in cloud-based services.
PreludeSys Services
PreludeSys, a leading global IT solutions provider, offers end-to-end integration solutions for asset and wealth management companies. Our key offerings include:
- Consulting
- Implementation
- Jumpstart packages
- Managed services
Connect with our experts to learn how you can benefit from our customized integration solutions.
