Top 10 financial services IT stories of 2022
The previous 12 months has seen cloud computing initiatives within the finance sector improve at a tempo, and the sluggish trickle of earlier years is now a stable circulation, with one financial institution having moved 80% of its techniques to the cloud.
This speedy transfer to the cloud has raised the query of how for much longer banks will help legacy funds.But it isn’t simply banks modernising their infrastructures, with one of the oldest financial services organisations of all of them – Lloyd’s of London – doing likewise.
Open banking is maturing to greater than only a trendy phrase utilized by financial services companies, and a pair of main acquisitions within the sector have taken open banking into its subsequent part of improvement.
Here are Computer Weekly’s high 10 Financial services IT articles of 2022.
1. Is time operating out for legacy funds expertise utilized by banks?
Legacy expertise utilized by banks to course of buyer funds remains to be widespread and provides a brand new entrance for financial expertise (fintech) companies.
The retirement of legacy core banking techniques inside banks was mentioned for years earlier than cloud computing expertise got here alongside and at last began the method.
2. Robo funding platform adopts open banking-based funds
Denmark-based fintech Nord Investments has adopted open banking expertise from Aiia to make it simpler for folks utilizing its platform to make investments.
The robotic software program funding platform, which at the moment solely operates in Denmark, stated it wished to make it simpler for its 7,000 lively traders to make funds onto the platform when making investments.
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3. Next part of open banking already gathering tempo
The financial services business is already nicely into its journey to open finance, with organisations within the sector open to collaboration.
Open banking immediately is seeing buyer banking knowledge being shared by the business by means of utility programming interfaces (APIs), with buyer permission, enabling companies to supply tailor-made merchandise.
4. Lloyd’s of London is digitally remodeling by means of the entrance door
A Lloyd’s of London three way partnership is modernising the organisation by digitising its largely paper-based analogue processes by means of cloud computing and the transformation of about 100 core enterprise purposes.
This is an element of the overriding Future at Lloyd’s programme arrange in 2019, and can digitise the market “to make it better, faster and cheaper”.
5. Santander has to this point moved 80% of IT infrastructure to cloud
Santander has migrated 80% of its IT infrastructure to the cloud, utilizing in-house-developed software program, because it goals to turn into cloud-native.
The previous 12 months have seen vital progress within the Spanish financial institution’s migration to the cloud. Just over a yr in the past, the financial institution had 60 of its IT infrastructure within the cloud and set 2023 because the goal to have 100% of its infrastructure cloud-based. At the time, it stated it had been shifting 200 servers to the cloud each working day.
6. NatWest information below whistleblower’s mattress comprise reside buyer knowledge
A knowledge breach whistleblower stated NatWest information saved below her mattress comprise present buyer particulars, opposite to the financial institution’s claims that it’s historic data.
The former employee on the Royal Bank of Scotland (RBS), half of NatWest Group, has been in dispute with the financial institution for greater than a decade over the confidential paper-based buyer knowledge information saved in her residence.
7. Most huge companies are taking on banking as a service
Most giant companies are investing in banking capabilities to offer clients with complementary financial merchandise.
The subsequent 18 months will see giant numbers of organisations spend money on banking-as-a-service (BaaS) contracts to allow them to supply financial services to their clients.
8. CIO interview: David Charnley, head of transformation and technique, NatWest Group
With nearly 20 years of expertise working at NatWest Group, David Charnley, head of transformation and technique on the financial services big, is aware of higher than most what it takes to tweak techniques and services to create nice new experiences for purchasers.
Charnley joined the financial institution in 2005 after beginning his profession with consulting big Accenture.
9. Financial Ombudsman Service mining for gold in cloud HR and finance
After efficiently rolling out and bedding in its cloud-based human useful resource (HR) and finance system, the Financial Ombudsman Service (FOS) is now digging into its performance.
In November 2021, alongside service accomplice IBM, the FOS accomplished the roll-out of the system from Workday and moved into a brand new part of utilizing the software program, which got down to exchange round 14 separate techniques as a bedrock of its digital transformation.
10. BBVA so as to add 2,000 software program engineers to workforce this yr
BBVA expects its recruitment of software program engineers to hit 2,000 as half of the enlargement of its international software program improvement division.
The Spanish financial institution has already recruited round 1,000 IT specialists in 2022 because it rebalances its workforce within the digital age. This course of has seen BBVA made giant cuts to its extra conventional workforce, together with department employees.
