Pure Storage Helps Financial Services Firms Harness the Power of Data to Drive Better Customer Experiences

Rhea-AI Summary

Pure Storage (NYSE: PSTG) reported strong growth in its Financial Services sector, increasing over 30% year-over-year in FY'22. The demand for its all-flash storage solutions continues to rise as leading financial organizations modernize their data management. Nine of the top ten global investment banks and numerous asset management firms utilize Pure's innovative technologies, including FlashArray and FlashBlade, to improve performance and operational efficiency. The Evergreen architecture further enhances customer flexibility and reduces the need for costly upgrades, solidifying Pure Storage's role as a pivotal player in the financial sector.

Positive

• Financial Services business grew over 30% year-over-year in FY'22.
• Nine of the top ten global investment banks use Pure Storage's solutions.
• Evergreen architecture offers financial firms ongoing innovation, reducing costly upgrades.

Negative

• None.

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 Storage

MOUNTAIN VIEW, Calif., Nov. 1, 2022 /PRNewswire/ -- Pure Storage^® (NYSE: PSTG), the IT pioneer that delivers the world's most advanced data storage technology and services, today 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 industry-leading solutions and services meet data-intensive demands while powering innovation with robust all-flash storage solutions.

• FlashArray™: Pure Storage's FlashArray solves application performance challenges with superior IOPS 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 36 GB/sec 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 our previous FlashBlade, and enables up to 60 GB/sec of throughput per chassis.
• Evergreen™: Pure Storage's 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 continuous innovation, with choices ranging from traditional ownership to Storage as-a-Service with SLA guarantees. Ninety seven percent of Pure Storage arrays over five 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 Storage to improve data performance, reduce TCO, and achieve greater agility while reducing downtime, ultimately driving an elevated customer experience. As a result, Pure Storage's Financial Services business reached an all-time high last year, growing more than 30 percent year-over-year in FY'22.

"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 Pure Storage 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 three to five years." – 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 30 hours to less than 40 minutes. Lastly, Pure's Evergreen//Forever subscription has allowed us to save more than 50% on traditional forklift upgrades." – Chris Bevan, Head of Platform Services, Admiral Group

"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 Storage for several years now. We recently upgraded our original Pure Storage 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." – Darren Wiseman, IT Manager at 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 Storage to help us simplify storage infrastructure to serve as the backbone for future innovation and scale. By migrating to Pure's 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." – Milan Novák, Infrastructure, Platform, and Cloud Services Lead, Česká Spořitelna

To learn more about Pure Storage solutions for the financial services sector, visit purestorage.com/solutions/industries/financial-services.html

About Pure Storage

Pure Storage (NYSE: PSTG) uncomplicates data storage, forever. Pure delivers a cloud experience that empowers every organization to get the most from their data while reducing the complexity and expense of managing the infrastructure behind it. Pure's commitment to providing true storage as-a-service gives customers the agility to meet changing data needs at speed and scale, whether they are deploying traditional workloads, modern applications, containers, or more. Pure believes it can make a significant impact in reducing data center emissions worldwide through its environmental sustainability efforts, including designing products and solutions that enable customers to reduce their carbon and energy footprint. And with a certified customer satisfaction score in the top one percent of B2B companies, Pure's ever-expanding list of customers are among the happiest in the world. For more information, visit www.purestorage.com.

Pure Storage, the Pure Storage P Logo, Pure1, Evergreen, Evergreen//One, Evergreen//Forever, Evergreen//Flex, FlashArray, FlashArray//X, FlashArray//XL, FlashBlade, and FlashBlade//S, are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Pure Storage Inc. Trademark List can be found at www.purestorage.com/legal/productenduserinfo.html.

Analyst Recognition:
Leader in the 2022 Gartner Magic Quadrant for Primary Storage
Leader in the 2022 Gartner Magic Quadrant for Distributed File Systems & Object Storage

Top 10 lists discussed above as determined by information provided by SalesForce.com.

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SOURCE Pure Storage

FAQ

What was the year-over-year growth for Pure Storage's Financial Services business in FY'22?

Pure Storage's Financial Services business grew over 30% year-over-year in FY'22.

Which top financial institutions rely on Pure Storage?

Nine of the top ten global investment banks, seven of the top ten asset management companies, and five of the top ten insurance organizations rely on Pure Storage.

What solutions does Pure Storage offer for the financial services sector?

Pure Storage offers solutions including FlashArray, FlashBlade, and the Evergreen architecture to meet data-intensive demands.

How does the Evergreen architecture benefit financial organizations?

The Evergreen architecture allows financial firms to avoid costly upgrades and ensures continuous innovation and operational agility.