Financial Services Firms Rely on Pure Storage

Pure Storage, Inc. announced continued momentum within the financial services industry as global banks, asset management firms and financial technology organizations modernize and embrace a digital-first approach.

The financial services industry is entrusted with massive amounts of critical customer data. However, new technologies, competition, regulations and evolving market demands are challenging firms to modernize, leverage data as a valuable strategic resource, or become irrelevant. Legacy storage is no longer sufficient to sustain the diverse, data-hungry workloads supporting the customer experience, real-time analytics, fraud prevention, risk and compliance.

Pure Storage’s solutions and services meet data-intensive demands while powering innovation with robust all-flash storage solutions.

• FlashArray: It solves application performance challenges with superior IO/s for use cases such as high-frequency trading, performance-critical databases, and always-on digital banking. FlashArray//XL enables business-critical apps with 150µs latencies and 36GB/s of throughput.
• FlashBlade: FlashBlade provides the performance, flexibility and scalability to support multiple, disparate workloads concurrently for use cases such as AI for fraud detection, portfolio risk, chatbots and regulatory reporting. FlashBlade//S delivers double the performance, density, and capacity of previous FlashBlade, and enables up to 60GB/s of throughput per chassis.
• Evergreen: Evergreen architecture eliminates risky, time-consuming upgrades, data migrations, or expensive leases, while its Evergreen Subscriptions – Evergreen//Forever, Evergreen//Flex, and Evergreen//One – offer financial firms financial and operational agility and innovation, with choices ranging from traditional ownership to Storage as-a-Service with SLA guarantees. 97% of Pure arrays over 5 years old are still in service via Evergreen modernization.

To date, 9 of the top 10 global investment banks, 7 of the top 10 asset management companies, and 5 of the top 10 insurance organizations rely on Pure to improve data performance, reduce TCO, and achieve greater agility while reducing downtime, ultimately driving an elevated customer experience. As a result, Pure Financial Services business reached an all-time high last year, growing more than 30% Y/Y in FY22.

“As a financial organization operating more than 150 branches and 1,200 ATMs throughout Texas, IT and storage infrastructure continue to play a critical role in Frost Bank’s success. At Frost, virtually every application is running on FlashArray, enabling maximum uptime and faster backups. The single biggest factor in our decision to leverage Pure was its Evergreen Storage model. With the Evergreen model, we’re able to easily avoid complex, risky and expensive forklift upgrades and data migrations, which would typically take place every 3 to 5 years,” said David Coindreau, manager of server and storage services, Frost Bank.

“At Admiral, data is the core of our business operations. The ability to process and analyze data at speed underpins everything from the initial customer contact to the claims process and pricing on aggregator websites. Pure Storage has been a critical business enabler for us through FlashArray, FlashBlade, Pure1 and Evergreen//Forever. With FlashArray//X, insurance rate change calculations are 98% faster, giving customers the best pricing and improving our chance of listing in the top 10 on aggregation sites. With FlashBlade, we’ve reduced the time it takes to complete backups from 30h to less than 40mn. Lastly, Pure’s Evergreen//Forever subscription has allowed us to save more than 50% on traditional forklift upgrades,” said Chris Bevan, head of platform services, Admiral Group plc.

“After challenges with sluggish, legacy storage systems that were complex to manage and expensive to scale, we’ve been running a reliable, fast, and easy to use storage environment with Pure for several years now. We recently upgraded our original Pure system with no downtime. With faster speeds and less frustration than our legacy storage systems, Pure enables us to spend more time on projects that truly move the needle and drive a competitive advantage in the finance market,” said Darren Wiseman, IT manager, Toyota Finance New Zealand.

“Česká spořitelna has traditionally operated under a very complex IT environment. As data plays an increasingly critical role in the development and rollout of new financial products and services for us, we selected Pure to help us simplify storage infrastructure to serve as the backbone for future innovation and scale. By migrating to FlashArray//X and leveraging the AI-driven Pure1, we have reduced the amount of effort and maintenance involved in storage management by approximately 30%, while reducing power consumption by 20% by only using half of our original data center space,” said Milan Novák, infrastructure, platform, and cloud services lead, Česká Spořitelna, a.s.

More about Pure Storage solutions for financial services sector