30 July 2019

Financial services “marooned” from tech advances

Written By Alex Hamilton

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


Up Next ...
21 June 2021

Green Finance – How FinTech Went Green

Written By: Code & Pepper

Sustainable development goals have been on everyone’s lips for quite some time now. Green finance st...

21 June 2021

Aveni raises £1.1mn for voice tech

Edinburgh based FinTech Aveni has raised £1.1mn funding.In Brief:Aveni uses ...

21 June 2021

Revolut’s gross profits reach £123mn - tripling in 2020 

Revolut has announced £123mn gross profits marking a threefold increase throughout ...

21 June 2021

Raisin expands into US savings market

Savings platform Raisin has gone live with its first partner ...

More in Banking

Virgin Money Australia partners with Temenos for digital banking 

09 June 2021

Virgin Money Australia’s digital challenger bank has gone live on ...

Zeta becomes unicorn thanks to SoftBank’s Vision Fund 

25 May 2021

Banking technology startup Zeta has been valued at £1bn following ...

HSBC launches $100mn climate change initiative

21 May 2021

The bank is partnering with the World Resources Institute (WRI) ...

Curve’s Crowdcube Campaign Set to Go Live With 35,000 Sign-Ups

21 May 2021

The campaign goes live on the 25th of May with ...

Articles Banking

ESG and banking - A chance to rethink strategy

20 May 2021

Why banks must assess their strategies in the context of ESG to transform and reaffirm their purpose...

White Papers Banking

The future of the UK financial services ecosystem

18 May 2021

There’s no doubt we’re on the cusp of a major shift in financial services in the UK. In our latest w...

White Papers Banking

The Banks and the Fintechs: Creating Better Banking Together

11 May 2021

How will the partnership between banks and fintechs benefit consumers?As the demand for personal fin...

Articles Banking

New cost imperatives in banking - Gaining greater efficiency

04 May 2021

The cost agenda has propelled to one of the top priorities for banks around the world as a result of...

Fireside chat with Anne Boden, CEO & Founder of Starling Bank

Fireside chat with Anne Boden, CEO & Founder of Starling Bank

23 June 2021

10:00 AM - 11:00 AM

Online, ., ., ., .