Conclusion

The financial services industry is confronting disruption at scale from two key forces: regulation and technology innovation. As banks wake up to the fact that technology is no longer non-core to their business, they start to explore new ways of gaining competitive advantage. One of the key areas to achieve operational excellence in financial services is by using the right technologies for middle-office and back-office processes.

In the past, banks and financial services firms have relied upon cost-effective ways of reaching optimal solutions. Be it in risk management, portfolio management, or any other data and computation-intensive problem, they have often traded off accuracy in the interest of achieving a time-sensitive, cost-effective solution. Where accuracy was needed, it meant that more computational power or more time would be required to arrive at a solution.

As the race for technology adoption was led by Fintech firms, banks have now shunned the legacy approach...