By Ross McGill (auth.)
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Additional resources for Technology Management in Financial Services
The result is either that C level staff don’t understand the terminology (but are afraid to allow that to be seen) or that technologists use it increasingly to try to maintain an aura of mystique around what they do (purportedly to protect their position and status). If technologists either did not use or explained their terminology better business management would understand the case better, allowing some flow of dialogue between the two regarding the scale of cost/benefit analyses. In particular, technologists should not be afraid of asking senior management to explain how they came to their conclusions about the time-scale of cost/benefit analyses nor the other assumptions underpinning those constraints.
The effect is that banks can now appear, if they’re not careful, as if they are early adopters, and that can have impacts on their customer’s perceptions. Early adopters, by definition, are used to taking more risks; they accept a certain level of pain in order to get at the supposed gain – which could be a more efficient process or just as likely a competitive advantage through having a particular image. 1 Impact of age on adopter stance Source: Author. Mature market participants don’t have the same characteristics.
As financial services companies continually seek the market advantage and a narrow window in which to exploit it, we must recognise that well over half of the third-party application providers for instance, are relatively small in comparison to their customers. Many do not have strong enough testing and quality assurance (QA) processes if they have them at all. I know of one software company selling to wholesale banks that, for the first ten years of its existence, had absolutely no QA at all. The programmer that wrote the code also tested the code and released it to market.