At a conference hosted by the Australian Prudential Regulation Authority, the chairman both praised and criticized the large increase in spending on new financial technologies in the banking sector. He is quoted saying \u201cCompanies must continue investment in existing technology platforms while at the same time putting money into new technology which may well replace it\u201d. His main point was that we see a huge uptick in new services offered to consumers and how they do their banking, but if the back-end hardware gets outdated, it will no longer be able to support the increasing number of transactions it is being tasked with processing. That\u2019s why it\u2019s important to still continue to investment in the infrastructure of the financial system.<\/p>\n
Chairman Byres makes a valid point because when you update everything about a system besides the processes that truly drive the system, it will eventually be less functional. It\u2019s like paying $5,000 for upgrades like a stereo, rims, spoiler, etc, to a car that costs $1,000. From the outside, it may look nice and flashy, but it won\u2019t be able to perform as good as it looks.<\/p>\n
http:\/\/www.fintechbusiness.com\/industry\/642-don-t-get-distracted-by-fintech-toys-apra<\/p>\n","protected":false},"excerpt":{"rendered":"
At a conference hosted by the Australian Prudential Regulation Authority, the chairman both praised and criticized the large increase in spending on new financial technologies in the banking sector. He is quoted saying \u201cCompanies must continue investment in existing technology platforms while at the same time putting money into new technology which may well replace … Continue reading Out with the old in with new? Not just yet…<\/span><\/a><\/p>\n","protected":false},"author":1833,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-982","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":1,"qubely_featured_image_url":null,"qubely_author":{"display_name":"mdonofrio","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/mdonofrio\/"},"qubely_comment":1,"qubely_category":"Uncategorized<\/a>","qubely_excerpt":"At a conference hosted by the Australian Prudential Regulation Authority, the chairman both praised and criticized the large increase in spending on new financial technologies in the banking sector. He is quoted saying \u201cCompanies must continue investment in existing technology platforms while at the same time putting money into new technology which may well replace…","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1833"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=982"}],"version-history":[{"count":1,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/982\/revisions"}],"predecessor-version":[{"id":983,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/982\/revisions\/983"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}