Banking July 31, 2019

Financial services “marooned” from tech advances

Financial services “marooned” from tech advances

Banks and financial services firms are still being plagued by legacy IT decisions, according to Paul Taylor, CEO of banking software firm Thought Machine.

“Financial services has taken a different path in tech over the last few decades. In hindsight it hasn’t been a good choice. While the rest of the world was going open source, moving to Python and newer coding languages, financial services remained isolated, monolithic and relying on big releases. In the tech world we do continuous deployment, releases every week or every day.

“It feels like financial services has been marooned a little bit in terms of the tech culture and the way they do things. It’s also difficult to get from where they are now to where they should be.”

According to a November 2018 Accenture report, 40% of C-level executives at global retail banks have agreed on the basic principles of cloud banking, and have begun to implement tools. 57% stated that cloud-based software was in use and critical to their operations, or that they were handing more responsibility over to outsourced platforms.

Read the full interview on PaymentEye