A coordinated approach to financial IT spending

by CDW Financial Services|Nov 10, 2016

If you’re anything like us, your internal clock is still adjusting to Daylight Saving Time. This week’s FIN List is the perfect way to spend that extra hour in your day. We’ve got five articles that address everything from tech spending to Millennials, cyberattacks, fintech and blockchain!

  1. An Increase in Spending Demands Increased Coordination. 70% of CIOs from banks, credit unions and other financial institutions plan to spend more on technology in 2017. Financial institutions could do a better job spending that money — perhaps even save some — if they took a more coordinated approach.
  2. When It Comes to Meeting Customer Needs, It’s a Battle for the Ages. Millennials and Baby Boomers are the two largest generational populations ever to move through the economy. Today, we’re on the edge of the next generational shift, and financial institutions must adapt and evolve their offerings to serve the unique and changing needs of these two dominant segments.
  3. Protecting Against the Threat of Everyday Devices. For banks, there’s a lesson to be learned from the cyberattack that recently took down PayPal, Netflix and Facebook — and it’s not just that you need a backup DNS. The less obvious lesson is to pay more attention to Internet-connected devices like printers, security cameras and point-of-sale terminals that can be easily cyberhacked.
  4. New Oversight Program Looks to Tame Fintech. In the hopes of promoting responsible innovation, the Office of the Comptroller of the Currency will establish an “innovation” office in 2017 as it boosts the oversight of financial technology. The OCC has taken the lead among regulators on fintech by laying out a framework aimed at ensuring banks develop safe new products and services.
  5. There’s a New Kid on the Investment Banking Block(chain). A new fintech startup has unveiled a blockchain-enabled trading platform for the buy-side community. Nimbrix’s platform allows data to be shared and analyzed by users, and trades can be executed in real time between counterparties, reducing the risk of trade errors and inefficiencies.

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