Guest Article from Terry Boyland, CEO at CPQi
It has been truly heart warming to see how companies have cared for their staff, how medical teams have expended themselves to the limit and how so many have given their time and resources to mitigate whatever they can in this crisis.
Further protection is needed and alongside the medical work we now need to re-enable the economy. Financial Markets are an essential service in times of distress and provide the backbone of economic stability.
We must ensure that operational risk and product availability are managed effectively in what is now a permanently changed world. There are 4 pillars to achieving this:
We have been talking about this for years but now it is essential that core platforms are available on the Cloud. Why ?
- The environment is far more easily available for remote or home based teams
- Deployments of changes are simpler to achieve
- Your staff do not need to be physically present
- The costs can be lower and the platforms scalable/de-scalable with ease
Budgeting has changed forever, as our ability to predict with accuracy has been seriously damaged. DevOps is the philosophy that is most appropriate for the new world. Why ?
- Using specialized techniques and tools it can be done across remote and home based teams
- It is highly adaptive to changing circumstances so the investment is protected
- Budgets are people based, and are about achieving incremental results
- New products can be deployed and adapted continuously
- It is far cheaper and easier to develop, test and deploy with DevOps
Your customers are concerned and are looking for answers to questions that they have not yet fully understood. Although it is difficult to develop robust models, predictive technologies can provide early and valuable client engagement. Using such technology we are also able to get a better understanding of risks, and reduce losses. As time moves on, this will be a key element to ensuring consumer and market stability in times of crisis.
Transactional multi-channels have of course become absolutely essential. Their ability to cope with high volume and higher volatility is vital in the new world. However so much more is needed. People feel lonely in isolation, afraid, disaffected from humanity. We all require community, indeed we require many communities depending on our need at the time. Channels are a key way to achieve community interaction and when it comes to finances it is one of the most important for so many people. Properly developed channels enable you to become “The Community” in your industry ensuring engagement, unity of purpose and quality knowledge sharing.
The Financial Markets industry from banks to insurance companies, asset managers, funds and so many others have all worked hard to keep the systems running during this unprecedented time. You are all to be highly commended and have a right to be proud of your work. Now is the time for us to lead the needed change in order to protect the economy of the planet in this new world scenario.
Financial institutions must now consider how they can protect their systems, reduce risk, and enable growth in a post-Covid-19 world. To help, we’ve written a detailed report designed to give you a good understanding of how you can leverage your technology budget to prepare for the future and continue to bring high-quality, flexible services to your client base.
We hope you enjoyed this guest article from CPQi your partner for the future of banking technology. Terry Boyland, CEO will be presenting as part of our Digital Transformation Conference | North America on October 28 limited tickets remaining for the free online event.