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Cloud VS Deployed in Financial Services π
We speak to commercial teams in #FinTech every day & a
common challenge they face is implementing their solutions into banks. Banking
is traditionally slow in adopting new technology, using established practices
& legacy tech, they have concerns with digital transformation. β
The main concern is Security, 57% of organizations that are
not, or cannot, use a cloud data warehouse is due to security concerns.
Security is the top, but not the only reason keeping some organizations from
using cloud or SaaS solutions. Unpredictable costs (38%), concerns over
potential performance issues (37%), and regulations on cloud data security
(32%) are other issues. ππ
For FinTechβs trying to break into Banks, there is good
news. The #Banking industry, like any other, is being influenced by
globalization, they are no longer stand alone local institutions but rather,
wide global networks serving customers across continents. In this context, SaaS
offerings fit perfectly & allow for a more scalable model when the
infrastructure is hosted in a cloud. π©οΈπ©οΈ
Speaking with a commercial leader at a #capitalmarkets
FinTech, they shared an example of a deal with a Tier 1 Investment Bank. The
solution was complex, covering post trade & pre trade solutions from
settlement & reporting to automated trading & regulations tools. Involving
multiple stakeholders from Traders, to Procurement, Operations &
Compliance, The challenge? Client wanted it all locally deployed. π€
Commercial people who understand banking, can articulate
benefits of cloud solutions, & implement hyper growth sales methodologies
are extremely rare. Having a rolodex of contacts & leaning on a network
wonβt cut it anymore. People buy from People whilst Bankers, buy from Bankers
who know how to sell technology. ππ
Do you agree?
Cloud VS Deployed in Financial Services π
We speak to commercial teams in #FinTech every day & a
common challenge they face is implementing their solutions into banks. Banking
is traditionally slow in adopting new technology, using established practices
& legacy tech, they have concerns with digital transformation. β
The main concern is Security, 57% of organizations that are
not, or cannot, use a cloud data warehouse is due to security concerns.
Security is the top, but not the only reason keeping some organizations from
using cloud or SaaS solutions. Unpredictable costs (38%), concerns over
potential performance issues (37%), and regulations on cloud data security
(32%) are other issues. ππ
For FinTechβs trying to break into Banks, there is good
news. The #Banking industry, like any other, is being influenced by
globalization, they are no longer stand alone local institutions but rather,
wide global networks serving customers across continents. In this context, SaaS
offerings fit perfectly & allow for a more scalable model when the
infrastructure is hosted in a cloud. π©οΈπ©οΈ
Speaking with a commercial leader at a #capitalmarkets
FinTech, they shared an example of a deal with a Tier 1 Investment Bank. The
solution was complex, covering post trade & pre trade solutions from
settlement & reporting to automated trading & regulations tools. Involving
multiple stakeholders from Traders, to Procurement, Operations &
Compliance, The challenge? Client wanted it all locally deployed. π€
Commercial people who understand banking, can articulate
benefits of cloud solutions, & implement hyper growth sales methodologies
are extremely rare. Having a rolodex of contacts & leaning on a network
wonβt cut it anymore. People buy from People whilst Bankers, buy from Bankers
who know how to sell technology. ππ
Do you agree?
We speak to commercial teams in #FinTech every day & a
common challenge they face is implementing their solutions into banks. Banking
is traditionally slow in adopting new technology, using established practices
& legacy tech, they have concerns with digital transformation. β
The main concern is Security, 57% of organizations that are
not, or cannot, use a cloud data warehouse is due to security concerns.
Security is the top, but not the only reason keeping some organizations from
using cloud or SaaS solutions. Unpredictable costs (38%), concerns over
potential performance issues (37%), and regulations on cloud data security
(32%) are other issues. ππ
For FinTechβs trying to break into Banks, there is good
news. The #Banking industry, like any other, is being influenced by
globalization, they are no longer stand alone local institutions but rather,
wide global networks serving customers across continents. In this context, SaaS
offerings fit perfectly & allow for a more scalable model when the
infrastructure is hosted in a cloud. π©οΈπ©οΈ
Speaking with a commercial leader at a #capitalmarkets
FinTech, they shared an example of a deal with a Tier 1 Investment Bank. The
solution was complex, covering post trade & pre trade solutions from
settlement & reporting to automated trading & regulations tools. Involving
multiple stakeholders from Traders, to Procurement, Operations &
Compliance, The challenge? Client wanted it all locally deployed. π€
Commercial people who understand banking, can articulate
benefits of cloud solutions, & implement hyper growth sales methodologies
are extremely rare. Having a rolodex of contacts & leaning on a network
wonβt cut it anymore. People buy from People whilst Bankers, buy from Bankers
who know how to sell technology. ππ
Do you agree?
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More Updates From Meran
Upvoted by Meran
Upvoted by 1
Upvoted by Elena and 3 others
Upvoted by 4
Meran S.
Feb 6, 2023
Hi folks.
We are currently working with a Chief Revenue Officer/ CEO who started her career at JP Morgan, spent 10 years building Euroclear & another 10 years at SWIFT. She was part of the hypergrowth at Ripple (4 years) as Global Head of Dept and has been working at a boutique start-up focussing on Post Trade software.
Let me know if you have any questions on her profile.
We are currently working with a Chief Revenue Officer/ CEO who started her career at JP Morgan, spent 10 years building Euroclear & another 10 years at SWIFT. She was part of the hypergrowth at Ripple (4 years) as Global Head of Dept and has been working at a boutique start-up focussing on Post Trade software.
Let me know if you have any questions on her profile.
Upvoted by Meran
Upvoted by 1
Meran S.
Jan 9, 2023
FTX
The shockwaves of the FTX scandal are still felt through the Crypto world, the Crypto sceptics still believe that DeFi will fail and Sam Bankman-Fried still can't fill the $8bn hole he left behind. There are many lessons to be learned, custody in particular, with many people using the Japanese custody approach to be valid,
Personally, I believe that this was a human problem not a Crypto problem,
What are you thoughts?
The shockwaves of the FTX scandal are still felt through the Crypto world, the Crypto sceptics still believe that DeFi will fail and Sam Bankman-Fried still can't fill the $8bn hole he left behind. There are many lessons to be learned, custody in particular, with many people using the Japanese custody approach to be valid,
Personally, I believe that this was a human problem not a Crypto problem,
What are you thoughts?
Upvoted by Elena and 3 others
Upvoted by 4
2 comments
