It’s not just about financial firms working together to solve common problems, but about the whole financial services ecosystem coming together. The entire ecosystem is going to be impacted and they need to sit around the table, and through collaboration, identify what the problems are, talk together, and be able to solve for various challenges. This type of approach is best because it helps organizations break out of their siloed ways of thinking.
Coming out of these siloes will enable financial firms to see the wider problem and wider picture. For example, if the compliance department has a challenge which requires an IT solution, this approach will allow the compliance person to understand IT’s challenge and why they might not be able to solve their problem. It helps overcome barriers so the compliance department, for example, isn’t just handing IT the regulation and telling them to build a solution for it, while IT doesn’t necessarily understand why the solution is needed.
These discussions need to be open and public, not just within organizations, but across the entire ecosystem. This is critical because each part of the ecosystem is going to be impacted.