Why Technology Change Is Slow At Larger Firms

Why Technology Change Is Slow At Larger Firms

Technological change in large organizations is often slower than desired due to technology costs and other regulatory issues, according to technology leaders from some of the world's largest financial institutions.

While the organization strives to become more innovative and efficient with the help of the cloud, Credit Suisse Chief Technology Officer and Operations Joanne Hannaford said on the opening day of the Singapore Financial Technology Festival this week that even as the organization seeks to become more innovative and effective with the cloud, it “has to face the fact that technology has costs;

Hannaford found that higher technology costs were more visible to companies that moved to the cloud and implemented cloud migration programs that are more focused on the number of applications moving to the cloud.

“Companies working with wholesale cloud providers become too dependent on one cloud provider and find themselves in a situation where they realize that there are other cloud providers that they can use but cannot access because they have restructured their applications for this. specialty of their cloud providers,” he said.

Hannaford adds that while there are business benefits to scaling and using a single data infrastructure with only one cloud provider, things can become more expensive over time. “Do you really want to think about the best place to sell your software; it can be hybrid cloud, multi-cloud, but it can also be your own data center.”

Diese Entscheidung sollte von Ergebnissen bestimmt werden, sagte Hannaford und stellte fest, dass Google Cloud-Kunden häufig an den Fähigkeiten des Anbieters mit künstlicher Intelligenz (KI) interessiert sind, wänävernd EW would like to. :

“It's a question of the results you get, but the cost and ROI of a cloud investment for many companies that choose a cloud provider will certainly be a lot more expensive than you think,” he added.

Equally important is developer productivity, as they have the ability to “write code on Monday morning and code on Tuesday morning,” says Hannaford.

“Improving the efficiency of regulators and giving them the tools they need is something companies don’t typically invest in, so these programmatic changes are very costly.”

Andrew Lang, chief technology officer at JPMorgan Chase, said investment banks and financial services firms are adopting a cross-functional strategy to leverage the power of large public cloud providers.

In terms of developer productivity, Lang said his organization is trying to get rid of the fundamentals of its cloud platform that developers and data scientists don't need to understand to get their jobs done.

“We have created what we call the OmniAI platform, an environment where our data scientists can find the data they need, understand what the data is, and how to use it to build models.”

JPMorgan Chase has also implemented Code-as-a-token and Infrastructure-as-token policies to support and accelerate application delivery, Lang said. “We do it in a way that allows us to move applications or workloads to another cloud when needed.”

Speed ​​efforts have become a priority and competitive advantage for the company, Lang said, adding, “Everything we do in our environment reduces that friction so our software engineers can build products faster and our data scientists can build models. , higher speeds.

Meanwhile, Hannaford said tech innovators in the industry are making "profound cultural shifts" in their organizations.

“This is definitely my goal for Credit Suisse, which has been operating in Singapore for 50 years. We have one of the largest engineering centers in Singapore and you can feel the impact of their culture on Credit Suisse around the world through their work on some of the most big business problems.

“When I think about companies that have adopted technology and responded to innovations like the cloud, engineers are leading the conversation and companies should be open to their opinions,” he added.

Slow and steady (high level of cooperation, little willingness to accept technological and social change)

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