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The problem is legacy culture & systems. Theres almost no chance of a transformation unless a paradigm shift in senior management thinking takes place. Maintai
by malthaus 9y ago
The problem is legacy culture & systems. Theres almost no chance of a transformation unless a paradigm shift in senior management thinking takes place.
Maintaing their mess costs massively and large projects carry risks and a bad track record no one on top can support.
Too bad the fintech revolution lost some of its momentum challenging the profitable areas of banking
- raesene9 9y agoI'd agree that a paradigm shift is definitely needed to address the problem. Banks need to see that constant investment not "put it in and let it run for 10-15 years" is what's needed. And yes the point about risk of new projects... who wants to lead a project to replace a mainframe system that's been running successfully for the last 30-40 years and if it goes wrong you're guaranteed to be on the front page of the papers... I wonder if a pattern will emerge where big banks let the challengers develop the tech, then they buy them and move across to it, once the kinks are all ironed out.
- technofiend 9y ago>The problem is legacy culture & systems. I'd argue regulatory oversight also makes innovation and risk taking less viable because every failure will be noticed and require explanation, which puts a damper on "fail fast." You can fail fast internally during your SDLC but doing so in front of an external customer is an extraordinarily bad idea.
- sizzle 9y agohttps://gel.westpacgroup.com.au/ https://gel.westpacgroup.com.au/