Non-Technical Challenges to Technology Innovation

For as long as we can all remember, decision-makers in financial services have been overwhelmed by complex new technology solutions and industry mandated changes.  Whether it was AML/KYC, CCAR, Blockchain, and more recently AI, we were promised that technology would transform your business.  This makes staying true to your mission, and keeping your strategy aligned extremely difficult due the constant requirement to change and innovate.  Here's our suggestion for how to approach these challenges in a different way.

Problem

The lack of a trusted source of data. Disparate processing platforms, inconsistent data, lack of controls, inefficient manual processing, costly errors, and the inability to respond to regulatory inquiries on a timely basis  

Traditional Response

Enterprise wide solution based on the most current and widely accepted business practices, “The Latest Thing”, the ”Shiny Object”. Not a realistic first step or achievable  goal for many financial institutions seeking a real solution.

Barriers to Traditional Response

•  Cost can be prohibitive
• Timeline for project completion extends far beyond the life of immediate business need and current requirements.
• Commitment to long term projects iis often tenuous, based on the continuity of management sponsors and fluctuations to firm P&L.
• Employees feel threatened and are not invested in the initiative. In many instances they only understand their job functions as it is defined by the capabilities of the current technology.
• Decommissioning legacy systems that are deeply embedded in every critical process and function throughout the firm introduces risk.
• Turnover, delays, cost overruns turns can turn a positive beginning into a nightmarish never ending, unpopular project.

 A Better Approach  

A targeted approach that's focused on current regulatory and business priorities, and has an an eye toward future needs and requirements.

Identify core source platforms that process the vast majority of critical transactional data.

Bite off a piece, start small , train the employees , get buy in, establish the standard.

Increase number of source feeder systems over time based on priority. 

The Result

After a reasonable period of time, with absorbable impact  to the bottom line and without introducing unnecessary risk to the firm, or negatively impacting employee morale, you will have established a trusted source of data upon which you can build and integrate additional data sources in a controlled manner over a reasonable period of time. At the same time, you'll be taking a critical first step towards establishing a solid foundation for the introduction of AI and other innovative process automation technology solutions.   

The Huma Whitebox platform was specifically designed to handle challenges like this because it was designed by a team who deal with these issues every day, know the challenges inside and out, and understand exactly what's needed.  To learn more please visit our www.humawhitebox.com, and use our contact form to reach me directly.

Ralph Alfonso, COO Huma WhiteBox