Financial Services Tech Forum

Archives for October 2014 « Recent Articles

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In Defense of Merchants and MCX

By James Wester

Maybe not a full-throated defense of the U.S. retailer consortium's actions regarding Apple Pay, but at least an attempt to put them into a bigger context.

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The Coolest Thing I Saw at SIBOS

By Jerry Silva

For those of you who have attended SIBOS, you know it's usually a dry event, lots of business suits, lots of serious discussion - not necessarily an event where the term "wow factor" is oft used. But I found a demonstration, along the outermost banks of vendor booths, that I think could define the future of transaction banking for corporations.

Photo of Li-May ChewOffline

Reducing Barriers to Risk-Finance Collaboration

In my third and final instalment on the findings from an SAP-commissioned survey, I want to touch on the main barriers preventing more effective collaboration between the risk and finance offices, and conversely – a couple of innovations that could enhance integrations. Even as our survey with 75 insurers globally shows unanimously that respondents need little convincing of the benefits of collaboration, there lies a couple of reasons why some organizations have not found more momentum for such integration projects. Why is it difficult for these two inter-connected business units that have so many similarities - and much to gain - to deepen their relationship?

First, there are the technology hurdles. IT hurdles like limitations from legacy technologies which result in a lack of scalability or interoperability of systems, as well as a lack of robust data systems continue to make it cumbersome to implement an integrated platform. The challenge to moving to an integrated solution is also compounded by issues around fragmented data sources and lack of common language usage implying that there is no single data reference point to support integrated risk-finance reporting.

Photo of Karen MasseyOffline

This week we announced the 2014 FinTech Rankings (see our series of articles on Bank Systems and Technologies ) This week we were also at SIBOS and it was fantastic to talk about the rankings and our findings in our many, many conversations at this great international event.

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