Patrick Young’s Post

Building the Marketplaces of the future

7mo

Our previous guest, Chris Skinner, tackles the banking industry's struggle to embrace new tech on episode 140 of IPO-VID! Watch the full episode and see how banks can bridge the gap between risk and reward ➡️ https://lnkd.in/eiCnaZH7 #banking #innovation #technology #risk #podcast #business

Transcript

It's very, very difficult, isn't it, when you've got management teams then that have come from the ground up through the banking business to suddenly get them to rethink after they've been in the banking institution or payments institution for 20-30 years. Yeah, I understand the concern about risk and the risk of systems failure. I've seen several institutions where systems have failed when they're transitioning the fines that follow along with. The fallout is incredible. A good example on a retail space is when TSB's in the UK retail bank upgraded their systems, the systems fan out for over 2 weeks, the management lost his job and the fines in the FDA were huge In investment market. It's quite interesting because in investment banking, actually most investment banks are very good at refreshing technology to keep up with competitive change and we've seen that from way back when with algorithmic trading to flash trading to where we are today. The critical factor is. Giving some autonomy to the organization. That's where a lot of people struggle to allow technological change, cause particularly in banks, they really feel they have to constrain innovation through organization. Everything has to be signed off and agreed and organized by committee. That structure no longer works. If you look at micro services architecture and organizations like Amazon or Alibaba, they don't do things by committee, they do things by small teams. Rapid change with rapid cycle. Structures that are organised by those teams, typically of eight, 910 people, and they can change code overnight. That's the organization that most institutions have to move towards. But most are reluctant to do that because they're worried about the risk of failure.

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