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“We don’t look at things like this on a six-monthly or annual basis, this is much more of a three, four, five- year view.” The market is becoming massive, as firms that have traditionally spent millions on building their own systems are looking at newer, faster and cost- effective ways of implementing customer services. “The solutions we provide, which are mission critical and fully transformative and allow banks to react to digitalisation and regulation more effectively. Brexit or no Brexit, US election or no US election, it’s still going to be a healthy outlook.” Misys is essentially very optimistic about the market, as well as the services that it can provide it.


Thinking ahead


It places a greater emphasis (like many vendors over the past year or so) on modularity and a plug-and-play style of system implementation. Reaction from clients and prospective customers has been “very positive”. Misys has been on a journey for four and a half years, one that involved the consolidation of multiple product lines. “We could not go through and do a wholesale rewrite,” said Syed. “It was simply not feasible.” Misys took an approach that aimed to supplant the standard “rip and replace” method with a new form of architecture that complements both Misys products and the systems of rival vendors. If you are an existing customer and you don’t want to undertake a rip and replace, the optionality Misys offers can mean a firm can leave their core infrastructure in place and fix it immediately without having to replace the core. “We don’t believe that customers can afford invasive journeys anymore, they need something that is very incremental but also fast paced – something that involves you and evolves the architecture.” Misys is the only one taking this approach, as its competitors “don’t have the architecture, or breadth of capability to enable that.”


He is particularly proud of the fact that there is no one geography the firm operates in that contributes the majority of its profits. “One of the beauties of our business is that we are a global business and we don’t have currency concentration in any specific country,” noted Syed. “The one country that we would like to get deeper into is the USA. We would like to grow our revenue


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base there but in general having no single country be your dominant market gives you a tremendous amount of hedge in your portfolio.”


Economic issues in Italy or in Europe or the UK would not affect Misys in the same way as its competitors. Misys has around 300 customers in the USA, especially in products lines like lending, corporate banking and capital markets. The reason why it hasn’t grown as much in the region is simply because that hasn’t been its focus. With its eyes turned to making waves in North America, Misys has partnered up with a major technology vendor in the region. The two will work together on providing Misys’ core banking systems to new customers.


In terms of the Middle East, Syed stressed that the firm has been cemented in that particular market for 25 years. “We have an incredibly large operation in both the Middle East and Africa, with around 50 customers across the latter.” Misys has a presence in almost every single country in the Middle East, “from Egypt to Oman and everything in-between.” Islamic banking is unique, with Shari’ah law varying from country to country, so in order to facilitate it properly a firm must be able to cope with the nuances and be flexible in how it offers its services, especially when combining traditional and Islamic solutions. Misys has a team out in the Middle East that keeps continually up-to-date on the requirements of the sector. You need to be “locally plugged in” to really succeed in the region.


Cloud: not if, but when


On the subject of cloud computing, Syed argued that the industry is probably five years or more away from full-scale adoption. “What we are seeing banks do, especially in the established economies, is a focus not on widespread infrastructure changes but on small-point solutions.” Despite this, cloud is not a question of if, but when. The key issue is that banks have so many intricate systems that it’s impossible to simply have a “light switch conversion” to the cloud.


They will need to adopt a hybrid approach for a very long time to avoid damage or disruption to what are mission-


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