Why as-a-Service operating models are the future of banking technology

Dec 12, 2022 by Ihyeeddine Elfeki and Mark Perkins

Service-oriented technology operating models and cloud-based solutions such as Software as-a-Service (SaaS) and Platform as-a-Service (PaaS) are transforming enterprise business. These operating models shift the onus from traditional ownership of software and technology from the data center upwards to a model where hardware and software are consumed on a pay-per-use basis. Providers host and maintain the infrastructure and application from the ground up, simplifying the landscape for customers. ‘As-a-Service’ is used to collectively describe these new consumption models, which are poised to deliver a paradigm shift in the capital markets industry, enabling Trading Systems as-a-Service (TSaaS). This paper gives the reader an insight into how market trends have evolved around the adoption of as-a-Service offerings and where the market sees them heading. The industry drivers behind the shift will be explored and how it maps to parts of the capital markets organization. The paper also outlines best practices for achieving this shift, including transforming the way business processes are structured and overcoming potential pitfalls during the journey. The overall aim is to help the reader look at their own organization from a transformational perspective and determine how to begin the shift to as-a-Service.

Journal of Securities Operations & Custody Vol. 14, No. 3, pp. 206–220

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Ihyeeddine has 20 years’ international experience delivering technology and business solutions to Capital Markets and Financial Services, with proven success and a track record of delivering optimal results in high-growth environments through initiatives that exceed operational performance targets and yield measurable outcomes.

In 2016, he joined Luxoft’s London office to lead the Trading and Risk Solutions practice, first in EMEA and then globally. He has led several deals with banks, asset managers, treasury and commodity businesses, playing a key role in guiding their transformation journeys.

Ihyeeddine Elfeki

Global Lead, Trading and Risk Management Solutions

Mark has 12 years’ experience across London and Sydney, focusing on the application of cloud-based solutions to trading and risk technology in capital markets. Working for Excelian and then Luxoft, he helped to significantly grow the Digital Consulting practice in Australia before moving to ANZ, where he ran the Market Risk Technology team and led a cloud acceleration program within ANZ Institutional. Mark relocated to London in 2021, joining Luxoft to drive the as-a-Service transition across Banking and Capital Markets.