Below is a great quote from Morgan Stanley CIO Steve Sparkes in the WSJ CIO Journal story about the FinTech Innovation Lab which helps describe the changing propensity for large organizations to work with enterprise startups…
“Morgan Stanley CIO Steve Sparkes told CIO Journal that an increase in the receptivity of large financial institutions to smaller technology vendors has occurred “in the last year or so.” That shift has helped banks and insurers obtain new technology more quickly than they would have, had they waited for larger and more established vendors to provide a product. “In many cases, it is accelerating our access to solutions. We would have had to wait longer for larger institutions to recognize the need and respond,” he said. That can mean the difference between time to market measured in months, and time to market measured in years, he said.
Technology startups have been making inroads into banks in a variety of areas, including visualization technology, mobility and Big Data, according to Mr. Sparkes. “We need to digest large amounts of data from diverse sources. Our security infrastructure inhibited that, although now I would say we are in a much better place,” he said.
Read the full story here.