Digital Transformation for Financial Services: Finding a Win/Win

Simultaneously enhancing collaboration while increasing security with G Suite

Key Components to Making a Big Bang with G Suite

There are certain feature enhancements that seemingly can never go together. For example, one would never expect that a car could be made to both go faster and be safer at the same time. In financial services, the same might be said for increasing collaboration and simultaneously raising security standards. On the surface, these two concepts seem to be in direct opposition. Making it so that more users can work closely together would seemingly come with a trade-off that meant that security standards would need to be lowered.

However, as recently detailed in our white paper “Winning in the Cloud: Big Bank Makes a Big Bang with G Suite,” we described how a top ten North American bank made a bold and holistic jump to G Suite and, in the process, dramatically increased their ability to collaborate and simultaneously improved their security posture.

Security is the first priority

While a significant motivation for the Big Bang project was to enhance innovation and the customer experience by increasing collaboration, security was always the primary concern. Due to the sensitive nature of the customer information involved, preserving trust engendered from the client relationship was mission-critical. Furthermore, regulation remained an important focus because regulators define and impose strict standards that can carry very stiff sanctions if they are breached. 

In order to achieve success, financial services companies need to employ a comprehensive and multi-disciplinary approach that cuts across traditional and specialized groups who tend to approach coordination in a sequential manner. Care should be taken to thoroughly document key roles and each point of potential vulnerability while also emphasizing the importance of transforming the way work is organized and accomplished. New standards need to be created as unique and comprehensive system changes are enacted.

Collaboration = Innovation

Increased collaboration enables an enterprise to dramatically accelerate its innovation cycle. Realtime, improved access to information is essential to drive faster feedback loops and iteration cycles that are required to compete with top fintech innovators. Fundamentally, the nature of work must evolve to align velocity to the standards of the modern enterprise and increasing collaboration is a key tenet for making that happen.

In order to enhance collaboration, it is necessary to cut across the traditional separation of responsibilities created between business, operations, and technology. Old ways of doing business are simply too restrictive to allow an enterprise to innovate at the pace required to keep up, much less to become an industry leader. To do so, the architecture of the new G Suite domain needs to be designed carefully to not simply “lift and shift” the existing ways of doing things, but rather to describe an ideal future state and then right-fit practices, policies, and procedures to make that vision a reality.

Finding an elusive win-win

In most cases, a win-win is not possible as a gain in one area makes it impossible to move forward in the other. Speed and safety in automobiles is just one example of where this is true. However, In the case of embracing G Suite to drive innovation and improve security, the exact opposite can prove to be true. The power and flexibility of G Suite make it possible to achieve win-win outcomes on a number of parameters, including increased collaboration and heightened security. To learn how one bank was able to do so, download our white paper, “Winning in the Cloud: Big Bank Makes a Big Bang with G Suite.”

About the Author

Andrew Dunmore
Andrew Dunmore
With over 15 years of solution delivery experience, Andrew Dunmore leads the financial services consulting practice at Maven Wave. Mr. Dunmore is one of Maven Wave’s thought leaders in capital markets innovation and delivery excellence. Prior to Maven Wave, Mr. Dunmore served as a Vice President at Bank of America in their global private equity investment office and an Assistant Vice President at LaSalle Bank in their credit derivatives servicing division.
September 23rd, 2019
FINANCIAL SERVICES

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2019-09-24T13:50:59-05:00