BlackRock CTO: Vendors Not Meeting Enterprise Needs
"I think we all go to the West Coast once a year and one thing we continue to find is very little innovation seems to be suitable for the enterprise that has both a regulatory regime and a consumer trust relationship that's mandated in the law," says Condron. "They're still not focused on that stuff."
Credit Suisse front office CIO Adam Broun agreed that innovation has been focused on consumer technology, particularly in the realm of interactions such as social media, and not enough on large regulated enterprises.
The audience member, founder of a West Coast startup, countered that those solutions are not being delivered because the East Coast firms are not communicating what their requirements are.
"It's a two-way street," he said. "The technologists need to know what you need. Only then can they provide that to you. So that's a concern. The fact that we have to come out to the East Coast to figure out what we need is an indicator."
Earlier, JPMorgan Worldwide Securities Services CIO Richard Anfang had mentioned that his firm was saving money by insourcing tasks that had previously been assigned to more expensive third-parties. As a potential solution to the supplier problem, though, he pointed out that insourcing is not a way to completely circumvent it. There has to be a balance.
"We have tens of thousands of vendors that we as a firm deal with, so the likelihood that we're going to be able to do everything ourselves is mathematically impossible," he said. "At the same time, you really want to understand what your reliance on vendors is and how that puts delivery service at risk. Where do you have single points of failure, where do they not have resiliency, everything from a Verizon central office switch flooding during the hurricane to accounting scandals with HP. You need to think about your vendors and manage the execution risk. That doesn't mean you take no risk and try to insource everything, because that's untenable and you miss out on innovation. On the other hand you can't take blind risk and put the lifeblood of your services in the hands of somebody else that you don't have good control over."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
This Week: ION/LuxSE, BNY Mellon, Nasdaq, and more
A summary of the latest financial technology news.
Nasdaq to market new options strike listing tech to other exchanges
The exchange operator is experimenting with emerging technologies to determine which options strike prices belong in a crowded market, with hopes to sell the tech to its peers.
Former Goldman analyst aims to blend GenAI and synthetic data with start-up
Synthera.ai is taking a novel approach to calculating risk. While promising, industry observers are skeptical.
Waters Wavelength Podcast: Bloomberg’s Tony McManus
Tony McManus, global head of enterprise data division at Bloomberg, joins the podcast to talk about the importance of data in the context of AI and GenAI.
Devil’s Bargain: Closed architecture systems will derail AI ambitions
Rob Flatley explains why closed-off systems will fall flat when it comes to AI adoption.
This Week: First Trust/Bloomberg/New Constructs, Cboe/Metaurus, LTX/MultiLynq, and more
A summary of the latest financial technology news.
Waters Wavelength Podcast: S&P’s CTO on AI, data, and the future of datacenters
Frank Tarsillo, CTO at S&P Global Market Intelligence, joins the podcast to discuss the firm’s approach to AI, the importance of data, and what might be in store for datacenters in the coming years.
BMO’s cloud migration strategy eases AI adoption
The Canadian bank is embracing a more digital future as its cloud strategy makes gains and it looks to both traditional machine learning and generative AI for further augmentation.
Most read
- Waters Wavelength Podcast: Bloomberg’s Tony McManus
- IMD & IRD Awards 2024: All the winners
- Waters Wavelength Podcast: S&P’s CTO on AI, data, and the future of datacenters