ISDA recently published a short piece penned by its CEO Scott O’Malia, following his attendance at the Singapore FinTech Festival, where he was struck by how much innovation is taking place in the retail banking and payments industry. However, by contrast, the derivatives markets are being held back by a lack of innovation in infrastructure, which hasn’t changed very much in decades, making it difficult to automate and scale.
We couldn’t agree more and in our article published earlier this month, Robot Assassins, Digitization in Banking, and Regulatory Change, aside from the questionable “Terminator Dark Fate” references, we point out how technology has evolved to a level where there are viable options to transition from legacy systems, such as connecting API-driven software.
Banks that embrace automation will have the upper hand in providing a best-in-class client experience at a lower cost while reducing the effort to respond to future regulatory changes. Banks that don’t? They face a ‘dark fate,’ or worse: ‘termination’. Read our full article for an overview of the technology we’re excited about. We know the task is daunting and we’re pleased that ISDA is pushing in the right direction. If you need help, click here to learn how our Opal solutions can help your digital transformation.