BlackRock CTO: Vendors Not Meeting Enterprise Needs
![scott-condron-blackrock scott-condron-blackrock](/sites/default/files/styles/landscape_750_463/public/import/IMG/048/242048/scott-condron-blackrock-580x358.jpg.webp?itok=w3_Nlfq7)
"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.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
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. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Waters Wavelength Ep. 304: Nice Actimize’s Lee Garf
Lee joins to discuss changes in communication platforms over the last few years.
DTCC revamps data distribution, collection efforts with cloud, AI
The US clearinghouse is evaluating the possibilities that cloud and AI offer to streamline the processes by which it collects and makes data available to market participants.
Agentic AI and big questions for the technologists
Waters Wrap: Much the same way that GenAI dominated tech discussions over the last two years, the road ahead will feature a lot of agentic AI talk—and CIOs and CTOs better be prepared.
Waters Wavelength Ep. 302: Connectifi’s Nick Kolba
Nick joins the show to give his views on trends in the interoperability space and the FDC3 standard.
AI co-pilot offers real-time portfolio rebalancing
WealthRyse’s platform melds graph theory, neural networks and quantum tech to help asset managers construct and rebalance portfolios more efficiently and at scale.
Waters Wavelength Ep. 301: SIX’s Javier Hernani
Javier Hernani, head of securities services at SIX, joins to discuss everything T+1.
Bloomberg debuts GenAI news summaries
The AI-generated summaries will allow financial professionals to consume more data, faster, officials say.
8 bank CTOs and CDOs sound off on artificial intelligence
Waters Wrap: Last year, WatersTechnology spoke with heads of technology and data from a range of tier-1 banks. Anthony pulls at one common thread from those interviews: AI.