Straight Talk Special Issue: Financial Services - 11

Hurdles in adoption
In today's world, getting closer to
the customers is not
accomplished by opening new
branches, but by leveraging a
number of technologies that can
help facilitate this transition.
For ﬁnancial institutions,
however, the introduction of new
technologies needs meticulous
consideration and a holistic
strategy, as banks always need
full reliability and security

adhering to high standards. A
common saying in ﬁnancial
services is that payroll clients
require "ﬁve nines" - shorthand
for 99.999% uptime or four
minutes of outage a year. This
means that whatever a bank
does: If it is going to be live, it
needs to be of the uppermost
quality. The minimum viable
product strategy, in which pilots
are set up without much concern
if they crash and burn, does not
work in this industry.
Moreover, banks are not free to
entirely focus on new
technologies. They tend to have a
large amount of legacy
technology - in contrast to
emerging ﬁntechs that mostly
start from a blank page.
Greenﬁeld development is easy,
but how do you advance a global
bank from one stage to another

without replacing the whole
infrastructure system every two
years? And how do you avoid
spending so much on keeping the
legacy alive that you could have
built everything again from
scratch with that investment?
To turn a disadvantage into an
advantage, banks need to
leverage their existing capabilities
instead of hastily adopting new
ones, only to watch them
become another piece of legacy
after a short time. One unit's IT
might be like an Alligator: Agile
and strong- but with a big tail
that can hold it back. The key to
success is choosing the right
things to retain and to get rid of
the rest. If you automate for the
sake of automation, you are not
going to modernize your portfolio,
you are going to automate a
number of bad processes.

11

Straight Talk Special Issue: Financial Services

Table of Contents for the Digital Edition of Straight Talk Special Issue: Financial Services

Contents
Straight Talk Special Issue: Financial Services - Cover1
Straight Talk Special Issue: Financial Services - Cover2
Straight Talk Special Issue: Financial Services - 1
Straight Talk Special Issue: Financial Services - Contents
Straight Talk Special Issue: Financial Services - 3
Straight Talk Special Issue: Financial Services - 4
Straight Talk Special Issue: Financial Services - 5
Straight Talk Special Issue: Financial Services - 6
Straight Talk Special Issue: Financial Services - 7
Straight Talk Special Issue: Financial Services - 8
Straight Talk Special Issue: Financial Services - 9
Straight Talk Special Issue: Financial Services - 10
Straight Talk Special Issue: Financial Services - 11
Straight Talk Special Issue: Financial Services - 12
Straight Talk Special Issue: Financial Services - 13
Straight Talk Special Issue: Financial Services - 14
Straight Talk Special Issue: Financial Services - 15
Straight Talk Special Issue: Financial Services - 16
Straight Talk Special Issue: Financial Services - 17
Straight Talk Special Issue: Financial Services - 18
Straight Talk Special Issue: Financial Services - 19
Straight Talk Special Issue: Financial Services - 20
Straight Talk Special Issue: Financial Services - 21
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Straight Talk Special Issue: Financial Services - 27
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Straight Talk Special Issue: Financial Services - 29
Straight Talk Special Issue: Financial Services - 30
Straight Talk Special Issue: Financial Services - 31
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Straight Talk Special Issue: Financial Services - 34
Straight Talk Special Issue: Financial Services - 35
Straight Talk Special Issue: Financial Services - 36
Straight Talk Special Issue: Financial Services - 37
Straight Talk Special Issue: Financial Services - 38
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Straight Talk Special Issue: Financial Services - 40
Straight Talk Special Issue: Financial Services - Cover3
Straight Talk Special Issue: Financial Services - Cover4
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