IBS Journal May 2016
11
FinTech/cloud ready to modernise retail banking
modernise it and banks should be prepared to accept this. That’s according to Nomis Solutions’ CEO and President Frank Rohde.
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“All the execs in banks talk about [in Europe] is regulation – it’s the FCA and the European regulations and what a Brexit might do to data,” Rohde says. “There’s surprisingly little talk about FinTech startups.”
In the US, the conversation is all about what startups are doing, “to eat our lunch…In San Francisco all you read about is startups and there are billboards everywhere advertising them. But they don’t want to be bankers – they hate banks!”
This is where the established players need to bite back and get a grip on understanding what technology can do for them. Nomis Solutions started 10 years ago to build an infrastructure software for pricing.
Organisations were using simple spreadsheets and BOGSAT was rife. When IBS Intelligence gives him a quizzical look, he explains the acronym as “Bunch Of Guys Sat At a Table”. Nomis hopes to make that process a far smoother, and more effective, process.
Since its founding the company has doubled in size every two years and plans to keep that growth going, with a focus on the US, European and South African markets. “Working with our customers we’ve figured out there’s lots of pricing discretions in the branch,” says Rohde. “This isn’t a problem in the UK, as decisions have been centralised into their core systems. In most other markets, though, branch bankers negotiate – and it turns out that bankers aren’t terribly good at negotiation.”
Nomis has conducted work with one major American bank as well as a number of smaller firms in creating Big Data stacks that allows bankers to run scenarios and compare different interest rates. With the cloud, creating that reality for bankers is much easier.
“Until we had scalable cloud computing, tasks were much harder,” concludes Rohde. “Valuating and calculating over 200,000 price points over weeks and weeks and running the exhaustive scenarios takes resources. Then the cloud came along and allowed us to have an elastic set of instances and easy scalability.”
Alex Hamilton very part of the retail banking business has a FinTech waiting to
www.ibsintelligence.com
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