3 ms·
Are banks that concerned about velocity? Because moving fast and breaking things in the banking sector can get extremely expensive. It's also not a who-gives-a-
by Hamuko 4mo ago
Are banks that concerned about velocity? Because moving fast and breaking things in the banking sector can get extremely expensive. It's also not a who-gives-a-shit industry like operating a taxi service or hosting images, but a very tightly regulated sector.
- jalev 4mo agoI might have been a bit broad with the brush. I can't speak for banks, but I can speak for the the fintech/money-movement space (e.g. Remitly, Wise, Revolut). It's a race to get first-to-market for backend integrations/features. It's given rise to a culture of "move fast break things" where safety is only for some core features, but absolutely not for the constellation of other services we provide. Failure rates have increased almost a percentage point since Codegen/LLM adoption was mandated from up top. You would think regulators would be on top of this, but our industry runs on all actors "self reporting" their outages. Most don't unless they can't hide it (>1h)
- mrkeen 4mo ago'Keeping up with regulations' may as well be a separate field from the core stuff. It has the same pressures as any other development effort. Managers will want the integration to the KYC service LLM'd as quickly as possible.
- bigthymer 4mo ago> Are banks that concerned about velocity? Yes
- hn_throwaway_99 4mo agoNot in the universe where I live. Having worked in a variety of web tech, and then working at a fintech with a partner bank, traditional banks move incredibly slow compared to nearly every other tech company out there, and for good reason.