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Technology Innovation in Large Banks with Stephane Malrait and Toby Dixon

Technology Innovation in Large Banks with Stephane Malrait and Toby Dixon

Tech Reimagined
• 23 min
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<p><em>Bradley Howard: Do you always&nbsp; start&nbsp; with&nbsp; a&nbsp; new&nbsp; technology&nbsp; and&nbsp; see&nbsp; how you&nbsp; can&nbsp; use&nbsp; it?&nbsp; Or&nbsp; sometimes&nbsp; do&nbsp; you&nbsp; look&nbsp; at&nbsp; challenges&nbsp; within&nbsp; the&nbsp; business&nbsp; and&nbsp; think, "</em><em>Oh&nbsp; we&nbsp; can&nbsp; solve&nbsp; that&nbsp; using&nbsp; X,&nbsp; Y&nbsp; and&nbsp; Z,"&nbsp; which&nbsp; doesn't&nbsp; always&nbsp; need&nbsp; to&nbsp; be&nbsp; the&nbsp; latest&nbsp; technology?</em></p> <p><em>Stephane Malrait: It's&nbsp; a&nbsp; very&nbsp; good&nbsp; question&nbsp; and&nbsp; I&nbsp; think&nbsp; it's&nbsp; a&nbsp; mix&nbsp; of both to be honest.</em></p> <p><em>If&nbsp; the&nbsp; business&nbsp; is&nbsp; not&nbsp; aware&nbsp; of&nbsp; what&nbsp; is&nbsp; available&nbsp; to&nbsp; them&nbsp; as&nbsp; new&nbsp; type&nbsp; of&nbsp; technology,&nbsp; you&nbsp; will&nbsp; never&nbsp; move.&nbsp; A&nbsp; good&nbsp; example&nbsp; is&nbsp; when&nbsp; the&nbsp; iPhone&nbsp; came&nbsp; out.&nbsp; Everybody&nbsp; was&nbsp; on&nbsp; Blackberry&nbsp; and we were very happy to be on&nbsp; the&nbsp; Blackberry&nbsp; phone.&nbsp; They&nbsp; didn't&nbsp; know&nbsp; they&nbsp; needed&nbsp; to&nbsp; change&nbsp; but&nbsp; then&nbsp; a&nbsp; new&nbsp; tech&nbsp; arrive&nbsp; and&nbsp; everybody&nbsp; jumped&nbsp; to&nbsp; that&nbsp; new&nbsp; tech&nbsp; because&nbsp; there&nbsp; were a lot&nbsp; more&nbsp; functionalities&nbsp; in&nbsp; this&nbsp; new&nbsp; type&nbsp; of&nbsp; solution.<br> <br></em></p> <p><em>&nbsp;And&nbsp; I&nbsp; think&nbsp; here&nbsp; it's&nbsp; the&nbsp; same.&nbsp; It's&nbsp; the case that sometimes&nbsp; the&nbsp; demand&nbsp; comes&nbsp; from&nbsp; the&nbsp; business,&nbsp; system&nbsp; is&nbsp; too&nbsp; slow&nbsp; or&nbsp; too&nbsp; outdated&nbsp; and&nbsp; we&nbsp; need&nbsp; to&nbsp; change,&nbsp; and&nbsp; then&nbsp; we&nbsp; push&nbsp; to&nbsp; make&nbsp; some&nbsp; automation&nbsp; or&nbsp; change&nbsp; the&nbsp; technology,&nbsp; but&nbsp; other&nbsp; time is the other&nbsp; way&nbsp; around,&nbsp; and&nbsp; we&nbsp; find&nbsp; technology&nbsp; company&nbsp; or FinTech&nbsp; company, we&nbsp; have&nbsp; very&nbsp; good&nbsp; solution&nbsp; and&nbsp; we&nbsp; say, " Oh, it&nbsp; can&nbsp; help&nbsp; us&nbsp; to&nbsp; dramatically&nbsp; improve&nbsp; the&nbsp; way&nbsp; we&nbsp; do&nbsp; business&nbsp; so&nbsp; we&nbsp; should&nbsp; integrate&nbsp; with&nbsp; them."&nbsp;<br> <br> A&nbsp; good&nbsp; example&nbsp; will&nbsp; be&nbsp; natural&nbsp; language&nbsp; processing.&nbsp; In&nbsp; NLP,&nbsp; we&nbsp; have a lot&nbsp; of&nbsp; text,&nbsp; we&nbsp; have&nbsp; a&nbsp; lot&nbsp; of&nbsp; data,&nbsp; and&nbsp; we&nbsp; didn't&nbsp; know&nbsp; we&nbsp; could&nbsp; do&nbsp; a&nbsp; lot&nbsp; more with&nbsp; that&nbsp; type&nbsp; of&nbsp; information&nbsp; until&nbsp; we&nbsp; discovered&nbsp; there&nbsp; are&nbsp; NLP&nbsp; solutions&nbsp; out&nbsp; there&nbsp; who&nbsp; can&nbsp; help&nbsp; to&nbsp; get&nbsp; more&nbsp; than&nbsp; translating,&nbsp; unformatted&nbsp; data&nbsp; to&nbsp; formatted&nbsp; data&nbsp; point&nbsp; based&nbsp; on&nbsp; the&nbsp; text&nbsp; or&nbsp; the&nbsp; chat&nbsp; that&nbsp; we&nbsp; have,&nbsp; and&nbsp; then&nbsp; using&nbsp; this&nbsp; data&nbsp; to&nbsp; improve&nbsp; the&nbsp; customer&nbsp; experience.&nbsp;<br> <br> So&nbsp; this is more&nbsp; technology&nbsp; led&nbsp; than&nbsp; business&nbsp; led,&nbsp; but&nbsp; at&nbsp; the&nbsp; end,&nbsp; the&nbsp; result&nbsp; is&nbsp; the&nbsp; same,&nbsp; you&nbsp; have&nbsp; an&nbsp; improvement&nbsp; that&nbsp; you&nbsp; want to have.</em><br> <br> Listen to the rest of this insightful conversation between <a href="https://www.linkedin.com/in/smalrait/" rel="nofollow">Stephane Malrait MD Global Head of Market Structure and Innovation for Financial Markets at ING</a>, <a href="https://www.linkedin.com/in/tobyndixon/" rel="nofollow">Toby Dixon, Delivery Director, FS, Banking &amp; Capital Markets</a> and Bradley Howard,<br> <br> Dive deeper into what builds technology innovation in the banking and capital markets arena as two seasoned professionals talk through what trends are currently shaping the industry and some of the lessons they learned in the technology innovation programs they were a part of from a dual perspective: ING - a bank's and a service partners. Should you have any questions – don't hesitate to contact them or us directly.<br> <br> Subscribe to get notified when the next two episodes of our series dedicated to the banking and financial industry will be released. Until next time! &nbsp;</p>