Banks and FIs are focused on utilizing FinTech to get the best performance out of their organization but often do not have experience with FinTech since it is still a relatively nascent domain. The host asked Carl to provide some insights and best practices based on his decades of experience in developing technology for the financial sector.
Here is what Carl McCauley had to say:
Managing Requirements and Time-to-Value
Banks, desire to use best practices, but they have some unique components, or at least they believe they have some unique components that will require a special, bespoke solution. If you ask a bank, “tell us how you handle this today” you will get some unique responses, but if you step back and look at those requirements, many could be accomplished in the same way other banks accomplish them.
A big part of this is when a financial organization chooses a software solution to help manage risk and compliance – how do you choose something that comes with out-of-the-box solutions so that you can deploy the solutions quicker, at less cost, and at less risk? We like to refer to this concept as Time to Value – the time it takes for a solution to start generating value for an organization. Read more:https://cutt.ly/sPlitGJ