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The pace of change in technology continues to accelerate; broadly for the world, and particularly for financial services. The public cloud is now widely accepted, and causing us all to rethink our infrastructure and investments. With the explosion of new tools and new demands from customers, companies are building applications that weren’t even considered a few years ago. Emerging new fintech startups are innovating quickly and challenging the status quo.
Thanks to the rise of global technology companies and the ubiquity of connected devices, user’s now expect instantaneous, always-on services from every brand they touch. In response, banks have transformed themselves to think and work more like software companies, but still face significant challenges – both internally and externally.
The industry is evolving and, to survive, organizations must evolve with it. New services are emerging. New methods to design, develop, and deploy software are here. And, with all of that, new infrastructure to build and operate these applications are needed.
For example, rising demands on systems (including continually increasing volumes of transaction heavy workloads and a steady reduction in the user’s tolerance for latency and downtime) continue to expose issues delivering scale and high availability. The financial services industry is global by nature; and compliance is getting harder with the rise of new data privacy and sovereignty regulations. And, most urgently, competition continues to intensify, with winners emerging based on who can innovate the quickest, often hinging on their processes, technology stack, and quality of engineering talent.
In the face of all of this, organizations are prioritizing certain initiatives over others to stay ahead of the curve. Perhaps you have an aggressive five year roadmap to migrate all your applications to public or private cloud. Or this year you need to reduce TCO and create operational efficiencies, while enhancing the customer experience. Maybe you need to create new services or enter a new market to seize an opportunity identified by management. Regardless of your motivations, it’s important to take a closer look at the tools you have chosen to power your applications.
While we’ve solved many of our most pressing infrastructure challenges, in many cases the database is still holding us back. The database is the most important part of the modern application stack. It underpins everything of importance in the modern age and is often the primary cause of development delays, performance shortfalls, and outages. Write bottlenecks, memory issues, locked transactions, misconfigurations, downtime from upgrades or schema changes, hardware and network failures, and so on all contribute to internal pain or lost productivity. One thing that has been clear in recent years is that organizations will need a new database to support modern requirements, ultimately replacing Oracle, IBM DB2, and other legacy systems.
Build for your future.
Managing critical financial data is inherently difficult. You need to accommodate millions (or even billions) of transactions per day while guaranteeing that your data is always correct. Downtime and outages are completely unacceptable — financial applications require high performance, strict data correctness, and extreme resilience. CockroachDB’s unique capabilities are a perfect fit for these can’t-fail use cases.
CockroachDB is a database for global, consistent, and real-time transactions. CockroachDB lets you scale fast, survive anything, and thrive anywhere. It is an active- active, always-on database that is rooted in the fundamental principles of distributed systems and speaks SQL. CockroachDB was designed from the ground up to meet the demands of modern, data intensive applications and is the only database that can reduce Recovery Point Objective (RPO) to zero.
Cockroach Labs has built our database from the ground up to deliver on the demanding data correctness and consistency requirements of high-value workloads, while still sticking to familiar SQL and relational structure. Ensure your customers have continuous access to your applications and services anywhere in the world with CockroachDB.