Sweeping away a sector's chaos
Dave Hunt, Head of Technology Services, Financial Services, Capgemini discusses how far behind the industry is in terms of IT transformation.
28 May 2008
Publication
The financial industry is in need of a complete makeover. With banking systems dating back to past eras, banks are realising that the scale of IT transformation is immense. The article cites one example of a UK clearing bank with a core accounting system calculating in pounds, shillings and pence. Decimalisation was introduced in the UK over 37 years ago.
Part of the problem has been the large amount of data required for banks to make decisions. David agrees on the importance of data, however the answers can’t all be in new technology. “What we are not good at, as technologists, is doing that low-cost, throw-away innovation,”
“Private bank customers may be happy to come to the office and have a fat cigar, but their inheritors might want to bank on their X-box 360 or mobile phone”. David concludes.
To read the rest of the article at FT.com, click here.
Click here to read how banks still rely on IT architecture from the 1960s & 1970s.
