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Fintech Connect – Cloud Banking NYC Seminar

Last week Andrew McLean and that I headed off to NYC for the Fintech Connect Cloud Banking Seminar with CloudFS. 

Day one

The event began with a gap address from the Founder and director of Arthurs Legal – Arthur van der Wees, setting the scene and introducing the event. We then broke straight into the Keynote discussion on the viability of cloud within the banking sector and what's and isn’t possible from this attitude.

The panelists were heavyweights within the industry and included: Bank Leumi USA, Everbank, Cross River Bank, Wells Fargo, CLSA, Americas, and AppDirect. an active debate formed from the panelists and a typical theme was mentioned through the entire segment – Security and Regulation.

Key takeaways for the day were from James O`Neill discussing the various cloud models for the industry, heavily debated around trust for the Hybrid option of the cloud. A prominent view was that a lot of banks are using Hybrid already, which the most important risks are the service providers, alongside the increase of the Community Clouds that specifically service the Financial Services Industry.

Bob Savino, CTO of Moven Bank also entertained the audience with the rags to riches story of Moven, and therefore the complexity of maintaining so far with compliance and security governance to remain relevant. What then followed within the afternoon was a whirlwind of data provided by even more heavyweights within the industry. With speakers representing BONYM, IBM, ING Bank, the NIST, and therefore the CSA. Selling cloud to the board was a really interesting debate, particularly when discussing the general concept of Cloud. The CTO/CIO requiring help with this to justify spend was stated and also a replacement way of thinking was required to form this challenge easier. With the three years typical cycle of hardware depreciation vs Outsource to the cloud being particularly popular, and banks still spending Capex on technology, this wasn't almost cost for IT Serviceability but also resilience and security.

The day ended on a high note with a summary by the chair on the time's discussion with a welcome drinks reception and networking opportunities for the subsequent hour.

Day two 

stating that one pain of glass approach for Cloud Service offerings may be a must.

In my keynote, I suggested that the increase of Compliant Clouds is upon us, also as multi-vendor participation. This year and therefore the next is going to be one among alliances and acquisitions within the Cloud arena.

Later within the day, more discussions opened on this subject then led into what the NIST is currently reviewing for the standardization of Cloud Services within the Financial Sector including potential ways of enforcing this.

Towards the latter part of the day some fun was had with selfies of the audience and organizers and a scurry of removal men for the show's sponsors. Overall the event was very enlightening on what the Financial Services sector is doing and taught us all tons of their thoughts on the cloud. the three main topics that were raised were very pertinent for the industry – Security, Resiliency, and Regulation. I anticipate more cloud banking within the future.

Top 5 IT Predictions for Finance Sectors

The banking systems legacy

Financial technology systems, just like the banks they serve, are built over decades through an extended series of mergers and acquisitions. Already operating across a posh set of siloed departments and systems (core banking, payments, trading, etc) each merger or acquisition has leading to further systems being bolted on to make ever greater and more complex IT systems connected by a maze of spaghetti. Most large banks are now creaking at the seams, with more budget dedicated to supporting legacy systems than to innovation. Many banks have core banking systems the maximum amount as 40 years old, but these systems are so critical to their operation then heavily integrated into other systems that they need to become near impossible to exchange. Doing so has been likened to trying to vary the engine on a jet airplane mid-flight.

This doesn't mean that there's no new banking technology available, or that new entrant banks aren’t basing their operations on the newest technology. Often making significant use of cloud technologies, challenger banks typically see their IT operations as a serious source of competitive advantage. At an equivalent time, most of the older retail banks are experimenting with newer technology in a number of their peripheral operations, but at their heart in their core systems they're still cursed with what they need – a minimum of for now.

Banking within the 21st century:

Technology within the financial sector has changed considerably over the last decade. Information technology systems post the dotcom boom (those who survived) evolved into systems that were intertwined with nearly all of the opposite IT Services utilized within each respective organization. This came with challenges and benefits post the outsource/offshore trend that amassed much confusion to everyone working inside the finance industry, also as for the regulators.

Virtualization was still in its infancy with complex infrastructures that were, and still within the majority, replicated in its entirety to a separate location for contingency purposes. Automation of technology was cumbersome and Application Service Providers (ASP) were rife, wrestling with coding for crude web presences including the continued efforts for centralization of IT Infrastructure made harder by the recent outsourcing trend.

What followed towards the top of the last decade were phases of cut and consolidation, which were inevitable post-2008 and therefore the financial crisis. it had been at this stage of technical evolution within the Finance sector that cloud technologies were truly realized. Starting with the simplest of services to untangle, outsourcing had started again but this point with an informed experienced head on the shoulders of the incumbent IT departments.

Today the Financial Market Place may be a very different landscape and cloud technologies are common amongst regulated and non-regulated industries. you'll have heard the phrase “Omnichannel Approach” on numerous occasions and if you haven’t, you will. during this age of digital transformation all business sectors are being affected, not just Finance. it's extremely important to possess a uniform approach across all aspects of technology and business.

To put this into context, the below statistics will represent themselves:

69% of consumers already use the web to shop for financial products – PWC

Mobile banking usage will exceed 1.75 Billion by 2019 representing 32% of the worldwide adult population – Juniper research

Nearly 50% of the world’s banks will disappear through the cracks opened by the digital disruption of the industry – BBVA Chairman and CEO Francisco Gonzalez

72% of millennials would be likely to bank with non-financial services companies with which they are doing business (like Google, Amazon), compared to 27% for those over 55 – Accenture

The digital transformation is upon us and each industry must change!

With the emergence of cloud technologies, the planet has never seen the constant turn of technology where we are today. even as other industries have changed over the past 5 years and if you're sufficiently old to recollect the Amazon and Borders struggle where Borders never saw the top coming by the new industry bookseller chomping at their heels. an equivalent is often said for several other industries where diversification and strategy go a miss.

However we do have the advantage of hindsight and this, armed with the knowledge and understanding of more data analysis ever available in our history, the Finance sectors can't only stay within the game but before the curve. There are 3 main focus points to make sure you stay before the curve:

1. Be customer-focused and achieve excellent customer service. We live within the “ME” generation and such should accommodate the demanding needs of the youth of today, across whatever medium that's convenient to them. “The majority of Millennials would rather lose their sense of smell than their technology” – Newscred

2. Make the IT Strategy shift to accommodate point 1. the necessity to vary your roadmap of service delivery is important. don't think for one minute that the bulk of your clients will even devour the phone to you if they're unhappy, they're going to not and easily move to at least one of your competitors. “2/3 of contactless payments since October are through Apple Pay” – Tim Cook, CEO Apple

3. Data is the new currency during this digital age. Banks have amassed huge amounts of knowledge from their clients, use it. “The overwhelming majority of knowledge never gets used… Only 0.5 percent of all data is ever analyzed” – MIT Technology Review

So, this leads to some predictions for Financial Institutions and technology. we've compiled a “TOP 5” list of emerging trends that we believe are going to be seen over the subsequent 5 years.

1. Analytics Evolved

Big Data isn't a replacement concept and Financial institutions are using Big Data in one form or another via trading systems for years. Employ a knowledge Strategy to cultivate the unstructured information you've got already. There are many providers, cultivators, and providers of the technology and toolset which will be used. you'll of heard of IBM Watson, the synthetic intelligence computer that back in 2011 made the headlines by beating former “human” winners of the quiz show Jeopardy? This technology is now mainstream and available at a fraction of the value of developing anywhere near equivalent results – cloud-based!

2. App Delivery

Application delivery of your products and services is vital when your clients have used smart devices from the age of 12 years old. Technically speaking we are during a constant change of major IT Infrastructure, however, you ought to be embracing this alteration because it also will drive down your cost of ownership. Open source technology once shunned within regulated industries, is now a serious drive within any industry that needs enterprise IT. OpenStack has emerged onto the scene and has many benefits to your organization for the orchestration and management of resources. there's also a replacement way of thinking based around container technology (Docker) which in essence share one OS (and binaries) for application delivery without the vast amounts of virtual machines that might normally be required. This technology is in its infancy but is certainly one to observe for the near Fintech Connect – Cloud Banking NYC Seminar

Last week Andrew McLean and that I headed off to NYC for the Fintech Connect Cloud Banking Seminar with CloudFS. 

Day one

The event began with a gap address from the Founder and director of Arthurs Legal – Arthur van der Wees, setting the scene and introducing the event. We then broke straight into the Keynote discussion on the viability of cloud within the banking sector and what's and isn’t possible from this attitude.

The panelists were heavyweights within the industry and included: Bank Leumi USA, Everbank, Cross River Bank, Wells Fargo, CLSA, Americas, and AppDirect. an active debate formed from the panelists and a typical theme was mentioned through the entire segment – Security and Regulation.

Key takeaways for the day were from James O`Neill discussing the various cloud models for the industry, heavily debated around trust for the Hybrid option of the cloud. A prominent view was that a lot of banks are using Hybrid already, which the most important risks are the service providers, alongside the increase of the Community Clouds that specifically service the Financial Services Industry.

Bob Savino, CTO of Moven Bank also entertained the audience with the rags to riches story of Moven, and therefore the complexity of maintaining so far with compliance and security governance to remain relevant.

What then followed within the afternoon was a whirlwind of data provided by even more heavyweights within the industry. With speakers representing BONYM, IBM, ING Bank, the NIST, and therefore the CSA. Selling cloud to the board was a really interesting debate, particularly when discussing the general concept of Cloud. The CTO/CIO requiring help with this to justify spend was stated and also a replacement way of thinking was required to form this challenge easier. With the three years typical cycle of hardware depreciation vs Outsource to the cloud being particularly popular, and banks still spending Capex on technology, this wasn't almost cost for IT Serviceability but also resilience and security.

The day ended on a high note with a summary by the chair on the time's discussion with a welcome drinks reception and networking opportunities for the subsequent hour.

Day two

The keynote was performed by Charaka Kithulegoda, CIO at Tangerine Bank with a summary of the way to address the transition from legacy to Cloud seamlessly with employing a “Cloud First” mentality and this was the theme for subsequent few discussions too, with most stating that one pain of glass approach for Cloud Service offerings may be a must.

In my keynote, I suggested that the increase of Compliant Clouds is upon us, also as multi-vendor participation. technology insurance

This year and therefore the next is going to be one among alliances and acquisitions within the Cloud arena.

Later within the day, more discussions opened on this subject then led into what the NIST is currently reviewing for the standardization of Cloud Services within the Financial Sector including potential ways of enforcing this.

Towards the latter part of the day some fun was had with selfies of the audience and organizers and a scurry of removal men for the show's sponsors. Overall the event was very enlightening on what the Financial Services sector is doing and taught us all tons of their thoughts on the cloud. the three main topics that were raised were very pertinent for the industry – Security, Resiliency, and Regulation. I anticipate more cloud banking within the future.

The Great Cloud Juxtapose

Why is that this relevant to Cloud and IT or beyond?

We have all seen various samples of consultants and bloggers talking about the changes in industries. From my perspective, we are on the cusp of seeing mass dissemination of all industries where the champion is that the customer service aligned organization and holder of the customer record.

So let’s check out the Cloud Juxtapose through recent examples from the united kingdom and globally:

Santander Bank:

Moving from the physical to the digital, Santander Bank now offers digital cloud storage services to corporate customers. I think this is often an acknowledgment that safety deposits and traditional bank custodian services have moved beyond the physical layer. The offering of a high-security data repository is additionally in use by Barclays Bank and that we see a growing trend of partnering and developing services to be used by banking clients.

Crowdfunding

Many good ideas never come to fruition thanks to a lack of obtainable credit mechanism in the marketplace or thanks to external influences like recession or credit crunches. Previously stimulus derived from banks lending to SME’s or venture capitalists. The “computer says no” culture of banking and therefore the “equity grabbing greedy VCs” are now the last place entrepreneurs wish to travel to. actually many VC’s and investment suggest getting a seed round via Crowdsourcing and doing a Crowdsource campaign before approaching them.

So what's Crowdsourcing? If you head over to the foremost popular platforms (links at rock bottom of this blog) like IndieGoGo or kick start you'll see a plethora of products, services, software, and projects that you simply can subscribe to or fund. the roles Or Jumpstart our Business Start-ups Act with various tax benefits and de-coupling of regulations is positively encouraging this within the US.

IBM and Bitcoin

Bitcoin and Blockchains are topics many folks hear but rarely engage with or understand. an easy definition is that the ability to possess a non-centralized currency system barren of government regulation and provision of cloaking of anonymity. visible technologies This freedom of currency and ledgering could revolutionize the payment system like the Medici banking family of Renaissance Florence. Could IBM be the central technology enabler and trusted pair of hands for this technology?

Virgin

From broadband to airplanes to mobile telephones Mary Empire is one built on a premise of customer service and cross-brand marketing. My belief is that the corporation that holds the customer relationship is going to be the outlet of the longer term. Virgin typifies the ‘disruption corporation’ that enters a marketplace and shakes out the prevailing rules to make its own space. How long before Virgin really enters the cloud computing and application space?

3D Printing and Manufacturing

Today the undisputed leader in industrial manufacturing in China. China’s huge factories can retool and deliver on a huge un-paralleled scale usually at a price that's unachievable elsewhere. But, when the planning is often produced then 3D printed at a huge scale and delivered at a fraction of the worldwide shipment cost will this disrupt the prevailing status quo?

I think the straightforward answer is yes! We are already beginning to see the expansion of 3D printing ‘farms’ that are paralleled clustered to mass-produce items. Once the consumable costs and fast processing chips leave faster easier quicker rendering I think that 3D printing will arrive. The advance of 3D printing will disrupt manufacturing quite previous samples of steam power or electrification during the economic revolution.

If IBM Watson met Honda’s Asimo Robot?

Take an amazing movement and humanlike actions and dexterity of the Honda Asimo robot then using new faster processors contribute the synthetic Intelligence capability of IBM’s AI system Watson. What would be the result of the amazing juxtaposition between these two technologies? A walking talking self-learning quiz show a football-kicking robot that you simply could take down the pub and win any quiz with…

CRM IoT M2M or human management systems

Customer relationship management systems today are boring clunky systems designed by accountants to live sales revenue and are frankly boring. information technology training

 Take the concept of the web of Things, M2M that's the power to permit any device to use a sensor to speak with a centralized system. And by fusing (with permission) all this data what can we get? The Human Management lifestyle concierge. this technique might be ubiquitous across devices and permit for our lives to be managed like never before. I mean who wants to only be an uneventful statistic or instrument of revenue...

The Bazaar involves the online 

Admit it we all love the esoteric and hunting out crafts or items which will be unusual. Let's check out marketplaces like Etsy or Alibaba will this growth continue where distribution and retail chains are the mini-shop or digital web presence within larger online marketplaces?

future.