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Bringing Innovation Back to Wall Street

Financial firms led the way in technology innovation in the 1990s. DefinedLogic joined an expert panel in Manhattan to discuss how to bring that innovative spirit back.

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The Wall Street Technology Association (WSTA) hosted a panel event at the Yale Club in New York to discuss the Intelligent Automated Enterprise. The discussion was moderated by Nikhil Lele of Ernst & Young. Nikhil set the stage with his opening remarks on the state of technological advancements in the financial industry and positioned the Intelligent Automated Enterprise as the next great challenge that the industry will face.

Nikhil then transitioned the discussion from his opening remarks to a panel of industry visionaries from TD Ameritrade, UBS, Morgan Stanley, Microsoft, S3 Partners and Red Hat. I was the seventh member of the panel and was happy to represent the views and thoughts of DefinedLogic.

Our panel answered a wide array of questions from the audience and the moderator, with the following themes surfacing:

  • How can regulation be managed while driving innovation in the financial sector?
  • Aligning the needs of the business and the objectives of technology remains a challenge. What are the areas that can be improved to enable emerging technologies?
  • Does the culture of an organization impact innovation velocity?
  • How is failure perceived within an organization?
  • Should an organization buy, build or lease innovative solutions?

    As a panelist, I was inspired by the common threads in answers that were provided.  One of my key messages to the audience was that you need to rely on three primary areas when driving innovation within your organization – Trust, Transparency and Teamwork.

    Trust:

    Your team needs to trust your C-Suite to be emotionally invested in the direction in which you are accelerating your solutions.

    Transparency:

    The organization needs to be precise in its vision to transform, and it must be communicated to all levels of the organization.

    Teamwork:

    The alignment and close collaboration of business and technology teams is critical to the success and scale of any new automated solution.

    The WSTA has been doing a great job for 50 years. I was the newbie in the room, but I can see why the WSTA has been around so long — great events with ample opportunity for collaborative knowledge sharing.

    Thank you! 

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