Big banks are failing to innovate quickly enough because of a basic lack of technological understanding in the boardroom, according to a new report. Nearly 80% of IT leaders in banks believe their senior leadership do not understand some new technologies, such as artificial intelligence and blockchain, according to financial services IT consultancy Excelian Luxoft.
In less than five years Blockchain will be mainstream. 77% of members at a leading blockchain consortium, the Post-Trade Distributed Ledger (PTDL) Group, agreed that most industries will have broadly adopted distributed ledger technologies in three to five years or less. The technology will directly affect how we pay for our goods, how we monitor our health and even how we drive our cars.
Bank's IT departments are unable to pursue innovation with the latest digital technologies because they have lost influence in the boardroom with senior managers that do not properly understand new technology.
The technical revolution in finance is being stymied because computer experts lack influence in boardrooms and their bosses don’t understand their work and are reluctant to fund it, according to a survey.
A digital future: financial services and the generation game is a report sponsored by Banco Santander for presentation at the Tenth Santander International Banking Conference, written by The Economist Intelligence Unit. It assesses how people’s expectations of their financial services providers are changing and how technology must be deployed to meet them.
Excelian, an international financial services IT consultancy, has bolstered its product offerings across the globe with the acquisitions of derivIT and Unafortis. The buyers hope that Singapore based derivIT will provide them with a route into Asia’s expanding digital consulting market, while Switzerland based Unafortis is geared toward Excelian’s competing for complex end-to-end transformational engagements.
Listed on the New York stock exchange, software development and IT services company Luxoft has ramped up its expansion plans into the Asia Pacific region this year with a new base in Penang, Malaysia, as one of its major moves.
In 2019, banks will have to report under the new FRTB standards. FRTB projects are already well underway – Christian Marshall and Anthony Hammond, both Directors at financial services consultancy Excelian Luxoft, reflect on how they helped a bank kick-start its transition to compliance.
An Interview of Dr. Maya Dillon, Head of Data Science, Global Centers of Expertise at Luxoft, a global technology consulting company focused on business transformation solutions for Fortune 500 companies.