Marc Natale
The IT infrastructures for many securities firms need to be modernized and that is causing many of them to seriously embrace the software as a service (SaaS) methodology for key applications and enterprise-wide software systems.
So says Marc Natale, global head of presales, marketing, and go-to-market at Murex, in this FTF News video interview. Murex is no stranger to SaaS-based services as it won Best Professional Services Provider in the 2023 FTF Awards.
“Let me start with this: most IT systems are getting too old,” Natale says. In fact, banks and other financial services firms have systems that on average are 14 years old or older, he adds.
“These systems have not been designed with user-centricity in mind and they have a hard time coping with requirements and constraints coming from the business. And, so, for many firms, it’s not economically viable anymore to keep the systems as they are. They must modernize these systems and that translates very well into the budgets we’ve seen over the past few years,” Natale says.
The need to modernize has caused the industry to spend $100 billion on IT management challenges in 2023, up 20 percent over the previous year.
“The question really is what options do these firms have when it comes to selecting the new target systems they want to use,” Natale says. “So, you have software as a service that has been revolutionized by cloud providers.”
For instance, half of Murex’s client base in Canada has moved to SaaS over the past two years, Natale says.
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