Trust has always been a major factor throughout the development of finance. In using a currency, traders put trust in its liquidity and guaranteed value. In using a payment system, merchants trust that as long as they are paying gatekeeping fees to a central authority, they can have an insurance against fraudsters. Read More
To some extent, the FinTech movement is not necessarily an all-out revolution. Indeed many FinTech solutions bear marks of the traditional roots of retail banking. For instance in our last post we mentioned Peer-to-Peer (P2P) platforms and the shift towards frictionless transactions and disintermediation. While the former is undoubtedly a product of new technology advances, the latter is not at all novel. Effectively P2P platforms could be more accurately viewed as a transparent and frictionless version of the traditional financial intermediary model. Read More
Growth by default is the number one priority for start-ups. Understandably, the only reason why investors would want to put money into businesses with no collateral is capital gains. While the average investment’s required churn out is usually a reasonable 10-20% annual ROI, venture capitalists expect start-ups to grow at a substantially higher, and in some cases near impossible, rate. What this means for the young business is that operation will always have to be pushed towards a constant growth goal when many of their processes are not yet ready for the job.
As the Financial Service revolution gains traction, FinTech start-ups can soon expect a period of rapid growth.
Scaling up however, is no piece of cake. Technical challenges aside, a company’s processes should also be re-assessed for compatibility with any additional operational capacity. Unsurprisingly, process problems – or gaps – are a common sight in young businesses trying to expand in scale or scope, regardless of which field they operate in. Read More
No matter how clean and accessible your business documentation is, it is dead weight if it’s out of date. And this is the sad reality in many organisations today. Your business is growing, optimising, and doing things differently every day. Document maintenance becomes a nightmare. Read More
“We had some great documentation but it is now out of date from all the changes we made in the past years”
How many times do we put the effort into constructing something only for the projects we run to invalidate it. This is especially the case with operational documentation. Organisations get it in place for a whole host of reasons but so many just ignore updating it when they run a project which becomes a false economy as the update job will happen at some time. Once they are established in a job, the organisation forgets that useful asset and ignores it when they make changes to the way they work. Read More
Once you decide on the high-level structure of your IT governance (as discussed in Setting up the right IT Governance – Part 1), you must flesh out the committee membership rosters, activities, and most importantly – accountabilities. Read More
A good IT Security strategy is often not regarded very highly by senior management because it usually has a solely preventative nature. Therefore, not creating obvious value and only felt when something goes wrong. Read More
We all know in boxing that you cannot hit below the belt as well as hit someone when they are on the canvas. Sadly, in the world of IT security and hackers there are no such rules. Watching the recent real world events in the banking world, we have seen a number of banks hit with cyber attacks in the run up to the Christmas period. Consumers relying on payments and being able to make purchases have been disrupted, dare I say, yet again. Poor old RBS group and especially NatWest seem to have taken the brunt of the hits in the past weeks (NatWest, Ulster Bank)
In the early days of IT we saw the simple capture of data and automation of basic repetitive processes – frankly by around the 1990s this wave of automation was largely complete. We have seen in the subsequent years the rise of the automation of reporting and monitoring systems. It is now time for the automation of decision making. All around from the rise of Big Data to the social network, semi-automated decision making processes are now enabling sound decision making, e.g. where to invest money, who to connect with on Linkedin to where to have lunch.
Read the rest of the article at our sister blog Strategy4IT: http://www.strategy4it.com/automation-of-consulting-and-decision-making-processes/