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There are significant parallels between this week’s news that Lloyds Banking Group has selected innovative tech start up Thought Machine as a core system provider (see: Lloyds set to go live with new cloud-based core) and the recent decision by BMW Financial Services (UK) to select InsurTech, start-up Wrisk as an insurance provider (see: Financial Services Market Trends and Forecasts to 2021). Both these developments highlight the increasing willingness of established financial services firms to work on mainstream initiatives with innovative, new providers. They also reflect the shifting powerbase within the financial services technology marketplace.
Technology choices are increasingly being based on where genuine innovation can be found and the potential business value that can be achieved, regardless of the established scale or longstanding industry heritage of the provider. TechMarketView clients, including UKHotViews Premium subscribers, can learn more in our HotViewsExtra article, just published (see: FS firms learn to dig the new breed).
Posted by Jon C Davies at '07:17' - Tagged: cloud insurance banking innovation FinTech
