BNYM have potential to be the biggest Fintech, but given the IT talent (or lack of it), it will always be “potential”. Few talking heads and lot of outdated managers, and a ticking time bomb, due to ever evolving technology and organization like BNY not able to keep up with pace.
I read the posts on this forum and this one @1phci+16OWg39v caught my attention. I completely agree.
Fintech????? Don't make me laugh. If I go by my Pershing organization that is a complete joke. It only knows clearing and custody has not delivered on an advisor workstation for about 5 years now. And yes, talking heads who don't provide leadership, don't develop talent and put people in positions of responsibility without merit. It is the anti-product. More time is spent on report out activities than results
@1qmn+192QBEEq, you're correct, we have done A LOT to modernize our infrastructure and it's absolutely the correct thing to be doing for security, resiliency and efficiency. The problem is, we were so far behind we are only half way done.
Like I mentioned, very few of our applications have standardized deployment processes and most aren't active/active/active. We don't even support windows containers!
We waste a ton of money on our production services group but are SOOOO far away from a true devops organization. And we are WAY behind on application enhancements since we've spent so much time the last few years on infrastructure, ethical hack and software patching.
BNYM has a ton of money for R&D and are doing a great job modernizing their infrastructure. I think they have a great team and in place and the sky is the limit.
Fintech is a retail world. Users supply data which is then monetized. BNY users are other banks and businesses and governments. 1 they don't let you monetize their data and 2 in many cases it's disclosed among other things so fintech no. Bny clients are old school who like reliable cheap service. Fintech although cheap it is not as reliable because everything new is just not fully broken in. Bny looks to provide cheap reliable service. If you understand that you will understand that it will never be true fintech. From time to time you will have pockets of developers or leaders that will push in that direction but overall the services the enterpriseprovides are just not your fintech services.
There is actually a lot of low lying fruit we should be focusing on instead of "fintech" stuff. We've been making progress but I bet 90% of our applications don't even have standard build and deploy procedures.
We've made progress standardizing application architecture as we moved to our new datacenter but most of our applications aren't even active/active much less active/active/active.
Our agile processes are a joke and it shows when you look at our miniscule improvement of transaction costs. There's a been a little improvement with AI and machine learning but most the cost reductions are from sending jobs overseas and those costs will be more than offset from worse customer service.
Our promote to production process in my division requires pages and pages of documents detailing the requirements of a simple request to deploy changes.
0 chance. Bank not willing to take any risks.
Legacy business too big.
"We"? are we all owners of this company to say "we"? I didn't realize we all have BNYM shares.
I don't think any traditional Banks will be a "fintech", but some will develop great technologies that keep them competitive and profitable. But that takes visionary leadership and risk taking. BNY Mellon does not have the capacity for it.