Unite your teams or fall behind: NAB
Financial services businesses will fall behind if they are not innovating their businesses or uniting their product development and operations' teams, according to the National Australia Bank (NAB).
At FST Media's Future of Banking and Financial Services conference, NAB's chief information officer, David Boyle said: "If you are not moving to ‘dev-ops', you are at risk of disruption".
He said, ‘dev-ops' was about bringing the development of new products and operations to become one function, so new financial services features could be built and worked on straight away "so that you can both develop and operate in unison".
Technology platforms needed to be engineered faster and financial services businesses needed to deliver solutions faster, to keep up with customers' expectations, Boyle said.
However, if businesses changed their processes to a ‘dev-ops' model, they could more rapidly meet customer expectations.
"The real challenge is moving at the speed at which our customers expect us to move," Boyle said.
Some organisations tended to accumulate large amount of products, services and technologies that created impediments for customers but that could be avoided.
Australian financial services businesses needed to focus on driving toward simplicity and building agile simple platforms, so products could be in customers' hands must faster, he said.
"The technologies that are making a difference in financial services are the ones that really focus around the customer experience," Boyle said.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
