People First, Technology Second

Business transformation is often solely focused on fixing operational and technological issues. However, forgetting the human element can be detrimental to the future of a business. After all, in an industry that is getting more and more standardised and commoditised, people increasingly become a critical factor in what makes the difference. In this article, we are looking at the six elements that firms need to look at when planning for the future of their business. For each item, we explore the tech and people angles, as one cannot exist without the other.

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Do these quotes sound familiar?

Mark John Head of product and business development.

Pershing and BrokerDealer Services, EMEA

BNY Mellon

6.

1. The Why Factor

Technology is not unique. It’s not a USP. It is not a strategy. It is an enabler of it. It powers a proposition. The proposition is why firms are unique.

Personally invested people deliver credible propositions. Together, it creates a firm’s USP.

2. Problem identification

Outdated systems impede the ability to deliver a firm’s proposition. Lack of scalability and resiliency are growing risks.

Legacy technology skills are a scarce resource. Operational resources diverted on filling gaps left by noncompatible systems will increase manual processes and risks.

Innovative Proposition

Replacing legacy systems is priority #1. Building an ecosystem that allows integration with FinTechs, AI, DLT etc. will solve for current business problems and create options for the future.

Ecosystems aren’t just technology. They are part of a successful environment that fosters free thinking, smart failure and eventually success.

5.

“It ain’t about how hard you hit. It's about how hard you can get hit and keep moving forward’’

Come to booth 10 and enter our competition.

5.

Resilient Growth

Growth challenges resiliency in three core areas: capacity, complexity and compliance. Extra demands on existing technology require heavy lifting solutions: either technology, business processes or full outsource, leading to a swap of control for oversight.

People make the difference. System knowledge, experience and business acumen protect against the things that can, and occasionally will, go wrong.

“I can do a 1,000 now”

3. Feasible versus practical

It is feasible to keep the status quo and integrate add-ons to an existing platform. Adding layers and complexity lowers the efficiency. It is practical to change the model: new technology, new platform driving new and efficient processes.

It is feasible to continue to scale down people for short-term gain. It is practical to upskill people and leverage their domain knowledge in writing the new target operating models, for the longer term.

4. Efficiency AND client exerience

New innovative tools improve client experience and when fully integrated create a greater front-to-back efficiency.

Upskilled and refocused resources on high value activities enhance client experience and reduce risk.