✅ Wealthtech WealthOS To Promote Adoption Of Wealth Management Platform For UK
For our first digest today, WealthOS introduces an upgrade to the wealth tech sector to promote the adoption of digital platforms in the UK. This upgrade comes as wealth management providers look for new ways to empower their customers. To this end, they aim to provide the best financial security and equitable access to the appropriate financial services. Unfortunately, these are challenged because of the costly, inefficient, and outdated technology solutions being offered today. The good news is, with WealthOS – wealth managers are able to effectively assist clients with achieving their financial goals. To enhance this further, WealthOS has revealed that it has secured $800,000 in capital through a seed funding round. This funding will be used for the development of its Cloud-based, core wealth management platform. A lot of this funding was acquired through investments from current and former executives of established asset management companies. The exciting news is, that WealthOS is using these funds on the private beta for the platform that it introduced last year. The production-ready platform will provide end-to-end wealth management services to the UK market by the end of this year.
✅ Morgan Stanley Expands Use Of Cloud In Tech Modernization
For our next digest, one of the titans of the finance world strikes a deal with one of the titans of the tech world. In an effort to expand its use of cloud computing for tech modernization, Morgan Stanley vies to use the Azure cloud. Because of this, compute-intensive applications such as risk systems will be moved to Azure. Morgan Stanley is working with Azure to roll out new cloud features to benefit its clients directly. Additionally, some client-facing applications will also be moved to Azure as well as data and analytics workloads. Engineers at the two companies plan to roll out new features to hasten the time to get products to market. For example, they will work to develop higher levels of encryption for Azure’s data lake, a centralized data repository. However, Morgan Stanley is aware that not having financial service-specific security standards makes having new cloud features difficult. For this concern, their engineers will work on a set of security protocols for Azure that are specifically tailored for financial services. Jerry Silva, vice president of research at the research firm International Data Corp, believes that the Covid-19 pandemic hastened efforts by large banks to shift more workloads to the cloud. Even though it is unlikely that banks will migrate all of their workloads to the cloud, they will continue to create operating environments with multiple cloud providers.