|By Matthew Goldman||
|March 14, 2014 01:33 PM EDT||
Banks face a difficult tug-of-war every day. Consumers demand innovative new services - regulators demand security, compliance and soundness of all offerings. How can a bank resist being pulled in every direction and find a middle ground?
Startups Provide Innovation
Banks can look to startup technology companies for new solutions. Startups are (at least initially) unfettered by regulations, approval committees, and long meetings. This is both a scary and exciting notion for bankers. There are a host of startups in the financial technology space, and bank-grade platforms like FIS's mFoundry originated from small teams working on an idea.
Startups can drive amazing innovation by rapidly iterating across ideas and testing with users. Startup product and service design and usability typically eclipse the made-by-committee-and-regulators look of bank applications.
Banks attend conferences throughout the year looking for innovative new partners. The excitement of possible collaborations is often tempered when you return to the office and discuss the regulatory implications with your business development and compliance teams.
Banks need a way to find compliant startups that do a great job of customer service and satisfy regulatory rules and frameworks.
Startups that Scale for Security
While the early days of a startup are heady times filled with dreaming, those that want to succeed in financial services technology must understand the environment that banks face. You can easily spot the savvier startups within their first 18-24 months - where appropriate they are already leveraging big company processes and practices, to make them look like "real" companies, even if they have only 10 or 20 people.
Signs of a bank-ready startup:
- External certifications for security (e.g., PCI Level 1 Compliance, ISO 27001)
- They've read the latest OCC bulletin on third-party provider compliance
- The founder or management team has a banking or large-scale fintech background
We didn't just describe a unicorn: these startups to exist. The founders know they need a bank partner to launch their product (either as a part of the solution or as a customer). The founders understand what banks need to do from their side and they built their business from the ground up with respect for compliance.
Starting Right Leads to Efficient Compliance
Startups that build solutions that are strongly compliant are often asked: "How can a small company afford that?" While it is difficult and expensive to keep large, older organizations in compliance, smaller companies find it much faster and require much less expense.
The development of Wallaby's digital wallet software began less than two years ago, and included a strong focus on security from day one. Last month, we received our first Attestation of Compliance with PCI Level 1 Security Standards. It required twelve months and less than $50,000 to achieve this because it required so little rework and retraining.
Having participated in PCI compliance audits before, we were familiar with the requirements: We had all the basics like a firewall and anti-virus. We hired engineers for Wallaby with a security mindset. We took the approach that the standards are the minimum. We built our own tools instead of spending thousands on software.
This focus on compliance extends throughout our business. In our short history as a company, numerous partners have audited us. From our financial statements to our office, we keep everything in order at all times.
The Tug of War Ends Here
Innovative customer services and compliance can live together peacefully and productively. It is a key dynamic of working within a regulated industry that is entrusted with the security of people's financial assets. While not every new company is right for banking (and not every bank is looking to partner with startups), we believe there are methods, policies, procedures and audits that can help banks work comfortably with innovative new companies. Together we can provide improved products and services to customers and improve returns for banks.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 24, 2016 03:30 AM EDT Reads: 2,895
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aug. 24, 2016 02:45 AM EDT Reads: 1,770
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Aug. 24, 2016 02:00 AM EDT Reads: 1,377
The burgeoning trends around DevOps are translating into new types of IT infrastructure that both developers and operators can take advantage of. The next BriefingsDirect Voice of the Customer thought leadership discussion focuses on the burgeoning trends around DevOps and how that’s translating into new types of IT infrastructure that both developers and operators can take advantage of.
Aug. 24, 2016 02:00 AM EDT Reads: 2,349
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 24, 2016 01:00 AM EDT Reads: 1,571
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 24, 2016 12:45 AM EDT Reads: 2,040
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 24, 2016 12:30 AM EDT Reads: 1,839
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 23, 2016 11:00 PM EDT Reads: 3,480
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Aug. 23, 2016 08:45 PM EDT Reads: 3,745
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 23, 2016 08:15 PM EDT Reads: 1,395
Thomas Bitman of Gartner wrote a blog post last year about why OpenStack projects fail. In that article, he outlined three particular metrics which together cause 60% of OpenStack projects to fall short of expectations: Wrong people (31% of failures): a successful cloud needs commitment both from the operations team as well as from "anchor" tenants. Wrong processes (19% of failures): a successful cloud automates across silos in the software development lifecycle, not just within silos.
Aug. 23, 2016 07:45 PM EDT Reads: 1,966
There's a lot of things we do to improve the performance of web and mobile applications. We use caching. We use compression. We offload security (SSL and TLS) to a proxy with greater compute capacity. We apply image optimization and minification to content. We do all that because performance is king. Failure to perform can be, for many businesses, equivalent to an outage with increased abandonment rates and angry customers taking to the Internet to express their extreme displeasure.
Aug. 23, 2016 07:30 PM EDT Reads: 2,293
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 23, 2016 07:00 PM EDT Reads: 3,794
Right off the bat, Newman advises that we should "think of microservices as a specific approach for SOA in the same way that XP or Scrum are specific approaches for Agile Software development". These analogies are very interesting because my expectation was that microservices is a pattern. So I might infer that microservices is a set of process techniques as opposed to an architectural approach. Yet in the book, Newman clearly includes some elements of concept model and architecture as well as p...
Aug. 23, 2016 06:45 PM EDT Reads: 10,725
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Aug. 23, 2016 06:30 PM EDT Reads: 307
A company’s collection of online systems is like a delicate ecosystem – all components must integrate with and complement each other, and one single malfunction in any of them can bring the entire system to a screeching halt. That’s why, when monitoring and analyzing the health of your online systems, you need a broad arsenal of different tools for your different needs. In addition to a wide-angle lens that provides a snapshot of the overall health of your system, you must also have precise, ...
Aug. 23, 2016 06:15 PM EDT Reads: 1,434
The following fictional case study is a composite of actual horror stories I’ve heard over the years. Unfortunately, this scenario often occurs when in-house integration teams take on the complexities of DevOps and ALM integration with an enterprise service bus (ESB) or custom integration. It is written from the perspective of an enterprise architect tasked with leading an organization’s effort to adopt Agile to become more competitive. The company has turned to Scaled Agile Framework (SAFe) as ...
Aug. 23, 2016 05:00 PM EDT Reads: 417
[session] Architecting for the Cloud By @RagsS | @CloudExpo @IBMBluemix #Cloud #Docker #Microservices
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 23, 2016 03:30 PM EDT Reads: 372
Cloud Expo 2016 New York at the Javits Center New York was characterized by increased attendance and a new focus on operations. These were both encouraging signs for all involved in Cloud Computing and all that it touches. As Conference Chair, I work with the Cloud Expo team to structure three keynotes, numerous general sessions, and more than 150 breakout sessions along 10 tracks. Our job is to balance the state of enterprise IT today with the trends that will be commonplace tomorrow. Mobile...
Aug. 23, 2016 03:00 PM EDT Reads: 3,047
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aug. 23, 2016 02:15 PM EDT Reads: 2,499