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Aug 2015 - Insights Presentation - Doc # FI258691

Financial Industry Innovation and the 3rd Platform

Authors: Robert Smythe, Lars Goransson

This IDC Financial Insights Presentation looks at how the financial industry technology innovation today is being facilitated by the 3rd Platform that includes cloud, big data and analytics, social communications, and mobile. Most banks have a stated objective of becoming a digital bank. This requires reinventing business processes and a total technology refresh. The 3rd Platform is a critical part of this transformation. Building from a 3rd Platform base to become a digital bank impacts all existing processes from customer engagement, accelerating change and enhancing operational reliability and resilience.

In the presentation, Robert Smythe, IDC Financial Insights research associate, IDC Canada, identified that digital transformation in the financial industry involves running the business better not just deploying technology. It involves thinking like a start-up with a grand vision and clear priorities. Funding is also a major issue as technology-driven leaders are spending billions of dollars. It was originally presented to the Financial Services Innovation Conference in Montreal in October 2014.