Straight Talk Special Issue: Financial Services - 23

STAYING ALIVE!

How the traditional financial services industry
can thrive in an age of disruption

TWEET
BYTES

Straight Talk Tweet chats @CIOSTraightTalk are conversations with prominent social media
commentators on current technology issues. Questions are posed to seed the discussion
among them and other attendees of the chat. Following are some highlights of a recent
Tweet chat on the challenges that digital technologies and upstart "fintechs" - emerging
financial services players with new business models - are creating for traditional firms.

What are the prime challenges facing traditional financial services firms today?
Theodora Lau - Founder, Unconventional Ventures. @psb_dc
Traditional #finserv firms face challenges from both inside + outside the industry,
including regulations, legacy systems, disruptive models and technologies, new
competitors, and consumers with higher expectations. #CX #FinTech #STinsights

Scarlett Sieber - VP, USAA Labs; former CIO, Opus Bank. @ScarlettSieber
1.

Legacy core systems, in larger FS, often more than 1 core. In small FS, heavy
reliance on core providers limit the pace of transformation.

2. While FS have a desire to focus on innovation, most don't invest in the long term
play & expect immediate results
3. No "startup" process for procurement, this ends up being bottle neck even if
business/strategy decide they want to move forward with startup @CIOStraightTalk
#STinsights

Rahul Singh - President, Financial Services, HCL Technologies. @RahulSingh50
Replying to @ScarlettSieber: Completely agree. The pull between long-term strategy
& short-term gains is a major challenge to large #banks and FIs. This is where #agile
& #DevOps can play a big part in transforming traditional FIs. #STInsights

23



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
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Straight Talk Special Issue: Financial Services - Cover3
Straight Talk Special Issue: Financial Services - Cover4
https://magazine.straighttalkonline.com/hi_tech
https://magazine.straighttalkonline.com/issue12
https://magazine.straighttalkonline.com/assetheavy2020
https://magazine.straighttalkonline.com/lifesciencesandhealthcare2019
https://magazine.straighttalkonline.com/womenintech2
https://magazine.straighttalkonline.com/financialservices2019/
https://magazine.straighttalkonline.com/issue11
https://magazine.straighttalkonline.com/issue10
https://magazine.straighttalkonline.com/issue9
https://magazine.straighttalkonline.com/womeninit
https://magazine.straighttalkonline.com/financialservices
https://magazine.straighttalkonline.com/issue8
https://magazine.straighttalkonline.com/issue7
https://magazine.straighttalkonline.com/issue6
https://magazine.straighttalkonline.com/issue5
https://magazine.straighttalkonline.com/issue4
https://magazine.straighttalkonline.com/issue3
https://magazine.straighttalkonline.com/issue2
https://magazine.straighttalkonline.com/issue1
https://www.nxtbookmedia.com