Jonathan Schwartz writes about finance as a technology business
I remember a dinner I had a while back with the CEO of a global financial services firm. As one of his first acts as CEO, he’d cancelled an enormous outsourcing contract, and I’d asked him why - his response has stuck with me. ‘Banking is a technology business. Pure and simple. I can’t win if I don’t have my own team.’
Independent of his views on outsourcing, I’ve heard the same point made by many (but not all) financial services executives - banking (like big swaths of telecommunications, media and retailing) has become a technology business, where every ounce of performance and differentiation matters. Even, and especially, in the midst of market turmoil.
Which is why you should use consultants that can help you improve your game, not play the game for you.
(Via Jonathan Schwartz’s Weblog.)