3 ms·

Correct. Most banks are running back end infrastructure from the 80s with lots of manual or semi-manual processes (e.g. overnight interbank batch reconciliation

by spangry 10y ago

Correct. Most banks are running back end infrastructure from the 80s with lots of manual or semi-manual processes (e.g. overnight interbank batch reconciliation, at least in Australia). From an outsider's perspective, it appears that retail bank management is completely technically illiterate. Which unfortunately also makes them the perfect marks for being sold inappropriate tech solutions (see: blockchain mania).

shaftway 10y ago
From an insider's perspective, yes. They are completely technically illiterate. Banks. Exchanges. Brokers. The whole financial services industry.
- spangry 10y ago
  Oh yeah, don't get me started on exchanges. I'm astounded at how bad their technical processes are. The ASX (Australian Stock Exchange) has something like a 3 day time to settlement. And I'm told it's one of the more 'modern' exchanges (I guess the other ones are still using stock tickers and abacuses).
  - meric 10y ago
    Unfortunately 2 days now. I appreciate the time to settlement because I could buy my shares and pay 2 days later. Sometimes it takes time to get funds from other accounts, and I wanted to buy (or sell) today, for example, when the quarterly just came out.
- PhasmaFelis 10y ago
  Part of me wants to sneer in disgust, but part of me considers that we live and work in a tech industry that truly, honestly believes that "move fast and break things" is a great design principle, and maybe we don't want those people in charge of the foundation of the global economy. I dunno.
rectang 10y ago
Perhaps open source projects such as Apache Fineract (incubating) can leapfrog the slow-moving giants. http://fineract.incubator.apache.org/ http://fineract.incubator.apache.org/ Apache Fineract (\’fīn-,ә-,rakt\) is an open source system for core banking as a platform. Fineract provides a reliable, robust, and affordable solution for entrepreneurs, financial institutions, and service providers to offer financial services to the world’s 2 billion underbanked and unbanked.
- spangry 10y ago
  Sorry I'm a bit late to reply. Just wanted to say thanks very much for telling me about this. I now know what I'm doing this weekend :)

by spangry 10y ago

shaftway 10y ago

From an insider's perspective, yes. They are completely technically illiterate. Banks. Exchanges. Brokers. The whole financial services industry.

spangry 10y ago
Oh yeah, don't get me started on exchanges. I'm astounded at how bad their technical processes are. The ASX (Australian Stock Exchange) has something like a 3 day time to settlement. And I'm told it's one of the more 'modern' exchanges (I guess the other ones are still using stock tickers and abacuses).
- meric 10y ago
  Unfortunately 2 days now. I appreciate the time to settlement because I could buy my shares and pay 2 days later. Sometimes it takes time to get funds from other accounts, and I wanted to buy (or sell) today, for example, when the quarterly just came out.
PhasmaFelis 10y ago
Part of me wants to sneer in disgust, but part of me considers that we live and work in a tech industry that truly, honestly believes that "move fast and break things" is a great design principle, and maybe we don't want those people in charge of the foundation of the global economy. I dunno.

rectang 10y ago

Perhaps open source projects such as Apache Fineract (incubating) can leapfrog the slow-moving giants. http://fineract.incubator.apache.org/ http://fineract.incubator.apache.org/ Apache Fineract (\’fīn-,ә-,rakt\) is an open source system for core banking as a platform. Fineract provides a reliable, robust, and affordable solution for entrepreneurs, financial institutions, and service providers to offer financial services to the world’s 2 billion underbanked and unbanked.

spangry 10y ago
Sorry I'm a bit late to reply. Just wanted to say thanks very much for telling me about this. I now know what I'm doing this weekend :)