IBS Journal August 2016
07
bearing fruit, said Woolard, and firms from both were looking into moving to London, Brexit or not. Having a thriving international base is essential to the fortunes of the City, he added. The FCA is not going to “take its eye off that ball”. “As long as there are firms willing to disrupt,” said Woolard, the FCA are absolutely ready for them.
A discussion panel followed in which a team of analysts got to chew over the meat and bones of the referendum. Dan Hanson, an economist at Bloomberg, stated his belief that the UK would end up skirting a recession, avoiding something as dramatic as the 2008 crisis. The uncertainty of the market is having a negative effect on outlooks at the moment, making predictions tough to call.
John Egan, Senior Director at Anthemis Group, cautioned, “FinTech ramifications cannot be divorced from geopolitical ones.” He also confidently stated there was “no way” the UK would leave the EU proper without a general election being called. Gerard Grech, CEO of Tech City UK, replied that London would survive as it had done throughout history.
“There are 320,000 people in the technology industry, 250,000 in banks and 350,000 in finance in London,” he said. The City and its inhabitants would be sure to survive due to the stability of its reputation and attractiveness to foreign investments: “There is nowhere else in the world like it.”
ANZ in no rush to ditch Hogan
as “rather tepid, not a hindrance”, but has also said it isn’t looking at an overhaul. According to the bank’s CIO, Scott Collary, who was speaking at a media briefing: “the core banking platform, and the product processors aren’t holding us back from doing anything.”
A
ANZ currently uses CSC’s Hogan, which is no longer the vendor’s flagship line, having been replaced by Celeriti in 2010.
Other Australian banks have begun overhauling their systems amidst a rise in digital banking. Westpac is updating its operations to Celeriti, which CBA and NAB are modernising with SAP and Oracle respectively. Despite this, Collary believes ANZ has no reason to look for change. “The only reason you would really change your core was if it was end of life from the vendor and you couldn’t get support anymore, you couldn’t find people to work on it or it wouldn’t scale,” he says. “We don’t have that situation.”
NZ has labelled its core banking system
The bank underwent a digital revamp last year which had some hiccups along the way, most notably when a software upgrade collapsed in late November and caused ANZ’s online banking services to crash for six hours. It also recently employed Maile Carnegie, former Google Managing Director of Australia and New Zealand, to the role of Group Executive Digital Banking.
Alex Hamilton
www.ibsintelligence.com
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