CLS: Moving from concept to production - FinTech comes of age
Innovation has always changed how financial services are structured, provisioned and consumed, but the pace and extent of innovation today is enabled by technology that has the ability to dramatically transform financial services as we know them. The rise of FinTech has been accelerated by business model and value chain challenges and inefficiencies – many existing ways of doing business are simply not working. However, new technologies are unlikely to transform the market until they are translated into solutions to business process problems. That translation involves a deep knowledge of the business processes, the ability to integrate with existing processes and platforms, and for really important activities such as those currently undertaken by FMIs, oversight, governance, credibility and trust. The full potential of FinTech in critical applications will only be realized when those firms developing new and innovative technologies join with organizations that have experience of running and maintaining resilient technology and operations at scale.