Looks like tech spending will continue in the big banks ($188bn up 4.4% on previous year, see eFinancial news), but how effective is this spending is the real question to ask. Most of this spend is on the big regulatory initiatives and I would argue (based on real world experience) that almost the entirety of the spend on Basel 2.5 and Basel 3 was a complete waste of money. Why?
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Business Challenge Post Financial Crisis
A key lesson from the recent financial crisis is that management at many levels within large banks often lacked high quality information, and as a result the banks were often difficult to manage. As well as a greater management awareness of the importance of information quality, regulatory pressure since the crisis has resulted in an issue that is both more visible and more critical to address.
We are proud to announce that Stream Financial has agreed a sponsorship deal with Pivigo Academy, the organisers of the Science to Data Science (S2DS) Summer School in the UK. S2DS is a project aiming to recruit 100 of Europe's brightest PhD students and turn them into data scientists during a 5 week intensive course.
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Banking is dead, well at least it is in its current form. The global banking model will be replaced by technology that connects global clients to local banks and their sources of liquidity in local currencies. The wave of new Fintech firms, who understand that most of banking is about being the middle-man and facilitating buyers and sellers in the most efficient way possible, are ideally placed to be at the front and centre of this revolution. These new Fintech firms have realized that technology is able to fulfill this middle-man role far more efficiently than humans.
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