The financial services industry is well suited to application solutions based
on Service Oriented Architecture (SOA) due to the heterogeneity across
front-, mid-, and back-office systems and different business lines.
Many financial services firms, particularly those that have undergone mergers
or acquisitions, can benefit from SOA as they are burdened with legacy data
silos, redundant applications, overlapping functionality, brittle proprietary
systems, and steep integration costs.
As financial services firms investigate the merits of SOA adoption, wealth
management stands out as an example where SOA is having a positive effect.
The wealth management business, including banks, broker-dealers, and
insurance companies that service high net worth (HNW) clients, has
demonstrated how SOA can improve firm efficiencies through improved advisory
productivity, decreased IT c... (more)