24 February 2015
Not Reinventing the Wheel: Tackling the Challenges in Banking Technology
by Alexey Utkin, DataArt
CIO Review approached DataArt to contribute a thought leadership article on current challenges facing the banking technology sector. Alexey Utkin, Financial Services Practice leader at DataArt UK, shares his thoughts on different approaches for streamlining technology approaches without reinventing the wheel.
"If you contrast today’s large banks with leading technology firms, the difference in culture, skill, and increasingly, talent, is huge and becoming even greater. The overwhelmingly complex technology landscape, heavily bureaucratic and time consuming manual processes, and legacy systems with accumulated technical deficits, result in even the simplest change in technology sometimes taking weeks or even months to implement. Compare this to a turn-around in mere hours in a sizable company that has implemented continuous delivery.
The technology landscape, including applications and data, is traditionally siloed and often reflects a bank's organizational structure, sliced and diced by business units, front-middle-back office, desks and instruments, which results in considerable duplication among IT systems. The scale of the challenge in banks is large and every source of P&L tends to separate itself from other project or program dependencies.
Given the lack of a culture of sustainability and the need for overarching technological leadership, many wheels are reinvented with every single project, in areas from infrastructure, configuration and controls, to visual/UX components."