The sustained financial crunch is forcing change in banking IT. Smart IT heads are starting to see this as a potential lever for addressing longstanding issues at the workplace. This first of two columns outlines the underlying reasons why banking IT departments aren’t always as great to work in as they perhaps might be. Next week’s article proposes some remedies.
At the Profit and Loss Networking event there was consensus throughout all of the open discussions that FX markets require no change, and none is coming. In private, there is a darker undercurrent.
Edward Snowden’s revelations meant some hard thinking for IT professionals. The fallout from the Heartbleed vulnerability might only just be beginning.
For a financial institution the idea of assembling “a bench of talented athletes” and hoping they generate a talented organisation is not a winning plan.
A name can say a lot. We called ourselves eCo Financial Technology because markets are getting ever more electronic, reliable mutualisation strategies turn upon embracing rather than denying commercial realities, and Financial Technology matters – and should be better.
Everyone agrees that financial institutions spend too much on non-differentiating software but opinions vary on how far outsourcing and federating models can be taken. A robust model for commercialising source code offers the greatest scope for realistic short/medium term savings. It also provides a stepping stone that significantly increases the chances of more ambitious strategies working too.