IBS Journal January 2017
41
“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”
critical systems. This is where a component approach comes into its own. It can facilitate a company taking sections of its business and running them alongside cloud-orientated solutions, giving the bank the ability to make the switch over when ready. The cloud might not be essential today, admitted Syed, but Misys is ready for the moment the market begins pivoting towards greater adoption. In the near-term, Misys is using the cloud to proactively go after specific markets. It has launched a German retail banking initiative on the cloud, as well as a corporate banking initiative in North America. There’s applicability for smaller, newer banks but not so much for larger FIs that require wholesale changes.
The rise of challenger banks has meant that there are a number of customers on the market with the ability to “leapfrog” traditional players in the modernity of their systems. Syed believes that challengers shouldn’t be written off as a flash in the pan. “The honesty of it,” he added with a smile, “is that we can sell to both sides.” There are some interesting banks with some interesting capabilities, but the difficulty arrives in
the need to scale. Despite this, challengers provide a unique offering that can drag customers away from the traditional players.
Blockchain, meanwhile, has promise as a revolutionary technology, though there is an element of overhype around it at the moment. Everybody is jumping on the bandwagon, hence the scenario of people rushing around like “a hammer trying to find a nail”. Misys claims to have a more pragmatic approach to blockchain, identifying a number of use cases for the technology and where it can be implemented for impact. It’s important not to get carried away by the excitement and ensure that your view of blockchain is as a business case and not just a technology. There are projects Misys is working on with its research teams, Syed assured IBS Journal, that, for sectors like lending and settlement, will be revolutionary. He was keen to stress, however, that blockchain – like core banking and digitalisation – is not the be all and end all; these are simply technologies, a “means to an end” in providing the best service to customers.
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