We're the new kids on the fintech blocks

Years ago, I was working at banks, and I was wondering why we have to much reports and so much criteria to verify. As an accountant, I was tired to come back lately at home because of repeated end period deadlines reports. Every ending months we have to hurry to meet the milestones. I knew it was in my job descriptions to finish late. But honestly I believed we could do better and accelerate the production of so much repeated reports. And a decade, I'm become tech evangelist to solve this endemic problem.

Early in the morning, my bosses (great women) at Citibank and later on at Scotiabank were asking me to get the 'bibles'. Yes, these bibles were the big printed books of all last day transactions of the bank. Don't ask why we were using it! A simple answer: for governance and business continuity even everything was recorded on our systems, all the reports were printed. I mean really ALL transactions eg. deposits, withdraws, Forex or investments. Now you are asking why you are paying these fees? That's why! Because as an international and local bank, electronic records are one of many requirements, in case of fraud, technology problem and so on. That why people still trusts banks and majors companies. Now you understand why I was suffering to analyze a 400 pages 12inc printed reports. But that was not the point I want you to get. Today we have too many technologies to be more productive. So why officers (Chief Risk Officers) and specially funds or assets managers still struggle? The answer is simple: Too much #big data and too much systems. Here is a few reasons that will help understand without doing a Master in IT governance as I'm doing.

First of all, depends what the position you are entitled at a bank or what C-level you are, you need specific data to analyze. This is the first aspect aspect of the iceberg. So governance is key to attribute responsibility and accountability of decisions.

Second, the quality of the data must be accurate. I mean 99%. We are not in Restoration industry where tips are not recorded. In finance, all numbers after comma could make a difference. Imagine the quantity of transactions and different systems used in these organizations. I don't want to name them, but they invest huge amount to build and integrate different systems from #Microsoft Excel to costly custom solutions. Every department are independent and needs they own reports and accurate business intelligence to make decisions.

Third point, International regulations matter. After 2008 to avoid such massive fall out or bailout, big banks now are requested to respect now regulatory frameworks such as Basel III or Solvency II compliance depends if your are Systemically important financial institution such as a bank or an insurance companies.

They used to say 'Too big to fail'', these days any big dinosaurs could die after a flood of attacks or data breaches. Building and invest in new technologies are keys for their business continuity. Fortunately these days new financial technologies called #Fintech such #blockchain, #machine learning, #big data computing and so on emerge. These technologies supported by major institutions such as Nasdaq are of #startup trends to get into the financial blocks where it was impossible to be. That why now we are the kids on these blocks. And #Microsoft understand this trend. That's why it's partnering with Bank of America to follow these opportunities.

Finally if I have to blow my own horn, I would say: My partners and I we are solutions driven to help banks or insurances or edge funds and find new ways to provide better services and increase productivity. By building new platforms for financial spectra we are assuring that stockholders: managers and customers don't pay the price of inadequate tools to respects rules and reduce risk related to market, specially in these days if political incertitude.After all not only money matter but also productivity and life time!

Bruner Nozière