Posted by Dennis Gada (View Profile | View All Posts) at 5:16 AM
Ever after the global economic crisis of a decade ago, the world's largest banks have continued operating much like they always have because of the belief that they were "too big to fail." Governments for the most part seemed to go along with this reasoning. Then came the rise of the financial technology start-ups.
One can compellingly argue, that FinTechs grew so fast and offered such innovative and groundbreaking products and solutions simply because of the vacuum that existed from 'banking-as-usual'. If there is one thing the world's consumer's desire, it is a new and more convenient way by which they can use digital devices to pay for goods and services. My favorite example of this completely new paradigm involves telecommunications companies, which realized that they controlled an infrastructure that could not only be used for telephone calls but for financial transactions as well.
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Posted by Dennis Gada (View Profile | View All Posts) at 7:43 AM
Investment banks need big data to thrive
Your enterprise doesn't have to be intimidated by Big Data if you know how to chop it down to size. Then that data becomes all the more manageable and potent to revving up your business processes. That's just one of several insights that chief information officers often share with me whenever we chat about optimizing their organizations.
One of the key challenges for all banks - no matter at what stage of their IT journey - is how to deal with the promise of Big Data against a backdrop of enormous and often ungainly legacy mainframes that your company might have a difficult time retiring. Part of the issue for large corporations is real estate. Mainframe computers take up enormous amounts of space both off-site and in expensive corporate offices. It's difficult to convince a CEO to dismantle decades-worth of computer hardware because of the promises inherent in the Cloud. Still, it's worth being proactive in convincing your organization to become more nimble and embrace modern technological infrastructure.
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