PA is quoted in a special report on financial services technology.
The article addresses how banking has changed as banks are reaching out to IT partners and outsourcing technology. “Increasingly technology is a critical dependency, but not a core competence. Big data is transforming financial services because of requirements from regulators and the need to understand customers. But the call on IT is also much greater,” says PA.
PA goes on to highlight developments that are increasing the stress on financial firms’ IT, such as banks providing mobile banking, transfer services, such as Barclays’ Pingit, and multiple searches on price comparison sites. He explains that systems designed around green-screen terminals used by trained clerks in the back office were simply not designed for our always-on world.
PA concludes by pointing out that in order to work together, finance firms are increasingly holding innovation days or competitions, where technology partners meet to work through business problems.