Meet Dr. Markus at X-Tech 2019: Financial Services and Technology (Get 15% discount on the Convention using presenter code: XTECH33)
Can you please tell the Risk Insights readers a little bit about yourself and what your current professional focus is?
What, for you, are the benefits of attending a conference like the ‘X-Tech 2019 Convention’? What can attendees expect to learn from your session?
In your opinion, what are the major shifts in user and client expectations?
For retail clients the shift is towards convenience of services and Immediate responses. For institutional client due to regulatory expectation there is a even higher expectation for secured, resilient and accurate data processing and maintenance.
What are the advantages and disadvantages of new and emerging technologies?
The advantage is that new and more sophisticated functionality becomes available and these over time are offered at a lower cost with higher efficiency. The disadvantage is that product cycles are getting shorter which makes is more challenging to integrate new products, to maintain these systems and to acquire and retain necessary skill sets.
How can financial institutions address the challenges of technology and risk management?
Define how good looks like. Establish good understanding with technology and business units what the respective technology risk domains are. Agree on clear accountability and establish current state vs. target state views that allow monitoring a risk reduction against a defined target.
How do you see the technology and innovation space evolving in the next 6-12 months?
Looking at the positive side cloud services provide cost efficient advantages to be used also for risk management especially in for analytics around machine learning and natural language processing (NLP). The challenge is to manage these tools securely if leveraging external cloud environments. Also a higher degree of standardization and automation will drive the reduction of complexity and costs.