Vendor Lock-In Creates Barriers to Digital Transformation Efforts
Voya Financial and Blackstone execs discuss the role that fintechs play in firms' digital transformations, and caution them not to rely so heavily on vendors.
Whisper it quietly, but “legacy” isn’t such a dirty word. The sometimes transformative fintechs that serve banks and buy sides will—if successful—one day join the ranks of the legacy platforms that firms are increasingly trying to rebuild or replace.
While speaking at this year’s Waters USA conference, Bill Murphy, Blackstone’s chief technology officer, said that rather than pick the shiny new vendor, firms need to ask themselves where those fintechs will be in 5-10 years, because a bad choice
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