DevOps, Compliance

Financial services organisations are currently being facing significant market pressure from two directions.

On the one hand, we have up-and-coming digital-only ‘challenger banks’ that threaten to disrupt the marketplace and knock more traditional organisations. For example, Monzo, a UK-based ‘smart bank’ for a smartphone (Strapline: “It’s time for a new kind of bank”). Banks must respond to these new digital business models by upping their own digital game.

On the other hand, there is mounting EU regulation on the horizon. For example, GDPR, which will come into effect in May 2018. Financial organisations have scarcely a year in which to interpret, assess and put into action strategies that will appease the auditors or they could face hefty fines.

Financial organisations have scarcely a year in which to interpret, assess and put into action strategies that will appease the auditors or they could face hefty fines."

So enterprise organisations face seemingly contradictory requirements: they need to provision high quality dev/test data at speed, whilst meeting ever-changing regulatory requirements, such as GDPR.

There are a few different responses that these organisations can take.

Firstly, there’s the ‘bury your head in the sand’ option. This involves actively pretending that nothing is happening. There are no new market entrants. There is no EU regulation. Easy. Whilst it sounds simple, it’s actually quite tricky to tune out the noise made by either of the aforementioned. A bold and difficult strategy, this one.

Secondly, you can acknowledge that challenges exist, but assume that you don’t really need to change how you work to beat either the challenger banks, or the auditors. You hedge your bets on the processes and technologies that have got you to where you are today.

Thirdly, you can explore how you new ways of working can enable you to meet both challenges at the same time by embedding regulatory requirements in the very processes that you use to go faster. A secure and controlled DevOps pipeline can accelerate your organization's software delivery lifecycle, whilst addressing regulatory challenges in parallel.

Check out the webinar recording below in which myself, Contino Investment Banking Practice Lead, and Delphix’s Strategic Advisor, Adam Bowen, together explore how you can comply with GDPR whilst taking a DevOps approach to accelerate software-driven innovation in the financial services sector.

These aren’t the only challenges facing investment banks. If you want the full scoop, check out my blog on challenges in investment banking and why software-driven innovation is the new source of competitive advantage.

  • Ben Saunders

    Client Principal

    Ben is a highly motivated, professional consultant with a proven track record of delivery across the financial services, media, retail and energy sectors. Having managed project teams of up to 30 resources, with budgets of £5m, he has forged a reputation as a driven and focused professional with exceptional leadership skills, paired with significant experience of communicating with C-Level executives, at a strategic level.

    More Articles by Ben