IBS Journal January 2018
One of your core principles you mentioned at Finastra Universe was that Finastra is not about rip and replace implementations, can you expand on that?
SP: We don’t recommend it. But when we say “rip and replace” we mean the whole thing. If you want to consolidate your lending you need to get on with it. It you want to comply with trade you’ve got to get on with it.
IBS Journal: So, how would you approach a large transformation project?
SP: A target operating model doesn’t require you to replace everything with Finastra. If the customer says “I made a bet on Murex, or Calypso”, then they can sweat that asset. We’re not advocating the replacement of good stuff that’s already working; there’s just no business case to replace it. What we can do is leverage it, and open it up through open APIs then we connect to it and work with it. You certainly don’t need to replace it.
IBS Journal: You’ve had Finastra Universe in Dubai, and separate events in Europe – France, Germany and the UK – and one in New York…
SP: You’re very well informed.
Caroline Duff [senior PR manager, Finastra] You’ve missed out Singapore.
IBS Journal: Almost had them all! Does this mean you’re doing the big unveiling of Finastra, following the merger? Your chance to say to the world: here we are..
SP: We have two very different sets of customers that require different types of unveiling. This event – which runs from Dubai to London, New York and the rest – is for our enterprise customers. Let’s class them as Tier 0, Tier 1 and Tier 2 banks. If you went to the New York event you’d see largely the same stuff you saw in London, but with any learnings and improvements built in.
Our second type of unveiling which did very early on, in August [2017]. This was called Perspectives, and was aimed purely at community banks, credit unions and trusts – your Tier 4, Tier 5 and Tier 6 banks. Our third event, which was obviously securities and payments specific, was SIBOS, which we completed in our North American home of Toronto. Those were the three unveilings we’ve gone through so far.
IBS Journal: So, is the process 100% complete? Is Finastra as an idea at the front of people’s minds now?
SP: I don’t think it’s complete at all. I think there are two realities. The first is that repetition is the mother of all learning – you need to repeat and repeat and repeat things to get them to stick. The second thing is that there are stakeholders who have their own cycles. We merged on June 13th, but if the cycles of some have a cut-off date in April, then we aren’t known as Finastra, we’re still the entities we were before.
This is why we’re delighted to spend as much time as possible telling our story. The company as a whole is greater than the sum of its parts and we really believe that. We can do things now which we couldn’t do before, particularly in corporate banking and retail banking for smaller banks.
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