Financial technology firm Bravura argues that firms can halve IT running costs and boost staff output by nearly a third through the use of open technology systems such as cloud computing.

In a new white paper, the Sydney-listed firm explores how financial institutions can achieve savings and output gains through “modern, open, agile technology systems”.

The report shows that configuring systems in virtualised or private cloud environments have led to firms reporting cost savings on IT running costs of 50 per cent; employee output in some cases has risen by 30 per cent.

“Look under the covers of many financial institutions and you will find a disparate mix of aging hardware and software, being held together by a complex web of patches, interfaces and middleware. This patchwork of IT systems may appear adequate for today’s requirements, but they are costly to maintain and prone to providing unreliable data,” said Roland Slee, Bravura’s managing director – APAC.

To view the report, written by Slee, click here.