Luxoft Beyond

Traditionally, financial services organizations decide to manage their applications on their own from A to Z. But they don’t have to go it alone anymore. 

Luxoft can take on the following aspects of keeping systems running while our clients focus on application strategy and governance: 

• User support 
• Application technical support 
• Application change and upgrades 
• Tech ops 
• Infrastructure service 

In essence, Luxoft hosts and manages third-party applications for our clients, taking this extra weight off their shoulders. The software vendor remains responsible for new modules, versions​     ​ and functionality, as well as vendor support where appropriate. 

Owning trading and risk systems translates into high costs, software management complexity, and slow time-to-market. Switching to as-a-service ​overcomes​ these challenges, allowing organizations that adopt it to: 

• Focus on business activities​:​ While an XaaS vendor takes care of system maintenance and management, organizations can have their teams focus on what matters the most ​–​​ business strategy. 
• Accelerate time to market: Organizations no longer have to invest in establishing a DevOps or automation framework​.​ ​T​hey can be provided as native feature​s​. 
• Tighten up security​:​ XaaS solutions come with high-level security standards implemented natively and at no extra charge. This allows for streamlining compliance and easily adopting security best practices. 
• Switch to a more transparent cost structure​:​ Instead of a myriad of expenditures, big and small, organizations deal with clear pricing that corresponds to their needs. 
• Reduce costs: All these benefits allow XaaS adopters to optimize IT spending and the total cost of ownership. 

Here’s how XaaS solutions can help organizations successfully weather the ever-shifting regulatory requirements without substantial costs: 

• Regulatory reporting​:​ ​Compliance​ requires more and more complex calculations and processing of increasing amounts of data. Big data, AI/ML and cloud computing can streamline reporting despite those challenges. 
• Risk analytics​:​ A fragmented application stack makes it complicated and sometimes next to impossible to assess and predict risks with precision. Adopting a unified XaaS solution resolves this issue. 
• Anti-money laundering (AML) and know your customer (KYC) compliance​:​ It’s unfeasible to achieve ​compliance​ only with ​​manual effort. High-level automation coupled with AI and cloud computing can streamline it, allowing for increased operational efficiency. 
• Fraud detection. Pinpointing suspicious activity requires sifting through gigabytes of data. XaaS solutions can do it faster than any team, thanks to cloud computing’s almost-limitless scalability and AI/ML functionality. 
• Trade surveillance. With XaaS solutions, compiling data required for an audit is lightning-fast thanks to in-built features and data centralization in a single platform. 

The strategic goals behind XaaS adoption differ from one organization to another. That said, they typically fall into one of these three categories: 

• Shifting the focus to innovation​:​ Legacy systems have become too cumbersome and are now hindering the organization’s ability to innovate. In this case, decision-makers should focus on the scope and dependencies upstream and downstream. 
• Receiving a return on an untapped investment​:​ Legacy systems were a costly investment. Organizations want to capitalize on it by opening access to the system for other players. To attain this goal, organizations have to ensure the platform will meet users’ needs and change the operating model accordingly. 
• Accelerating time to market​:​ Intense market competition requires a more agile approach to rolling out new technologies and user features. XaaS solutions increase ​​flexibility and improve organizations’ ability to stay ahead of the competition.