So those two bits were there: platform company, cloud-native company and fintech. I was also enamored of the world of fintech.
#Matthew banks podcast how to
A big part of that was looking at how to build incredibly scalable, automated, robust platforms that could handle enormous amounts of transactional and customer data and do it very securely, safely, and resiliently, without a lot of resources. Paul Taylor, Thought Machine: A lot of the thinking behind Thought Machine came from working at Google. Matt Cooke: Paul, do you want to tell us why you wanted to start Thought Machine and take on this challenge of core technology modernization in banking? It’s still quite a complex problem, as it always has been, but today solving the core technology problem offers a lot more opportunity than it might have in the past, because the underlying technology is much more mature and powerful than it was when we started this digital journey.
#Matthew banks podcast upgrade
So banks are now at an upgrade point for both the front and back ends because they have accumulated this profound technical debt. And over time, those older systems have become obsolete. These systems are not consolidated, and when the banks put all this new digitization together, they did it with the technology they had at the time. Another is that products are provided by a number of different systems. One is that that customer data is held in many different places. Underlying this are a few basic problems that banks have always had. And so we had a boom in people building apps and automated journeys, which banks hooked up to their existing systems. Then, with the advent of smartphones, we discovered that mobile and digital technology was the primary way to engage with customers, with branches and call centers as a secondary channel for more complicated service needs. If you needed something, you’d either ring on the phone or go into the branch and get it done. Banks come from a predominantly branch- and call-center-based customer service arrangement. Matt Cooke, McKinsey: Brian, maybe we could just help our listeners navigate where we are today because, we’ve been talking about core technology transformation in banks for it feels like forever, but recently it feels like there’s a different impetus and an acceleration.īrian Ledbetter, McKinsey: I would characterize it as the second era of digitization for banks. The following edited transcript presents highlights from our conversation. The company is one of many in the open ecosystem of tech providers with which McKinsey partners in our banking technology work. In this episode of Talking Banking Matters, our guests are Brian Ledbetter, a McKinsey digital banking expert, and Paul Taylor, the founder and CEO of Thought Machine, which provides cloud-native core technology to banks. With new advances in cloud-based technologies, this massive task is becoming more approachable. As established banks seek to compete with digital-native neobanks and other fintechs, addressing aging legacy core technology becomes increasingly critical. Competition in the banking industry is intensifying.
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