Waters Wrap: The tough climb for startups
Anthony speaks with two seasoned technologists to better understand why startups have such a tough time getting banks and asset managers to sign on the dotted line.
Over lunch, the global head of tech at a tier-one global bank bemoaned the institution’s struggle to onboard innovative startups. The problem they describe is three-sided.
First, the bank heavily relies on a small number of big vendors: Bloomberg, Broadridge, and S&P Global. Those essential, end-to-end systems take priority over niche, nice-to-have tools.
Second, internal “pet projects” tend to get more backing in the budgeting process over specialist solutions. Internal tech teams feel the need
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