Citisoft's Steve Young was recently quoted in Russia’s leading financial newspaper discussing current trends in adoption of fintech solutions.
In his interview with Kommersant, Steve notes that “Fintech is still an evolving industry. The level of evolution varies across the various sectors of financial services. Banking and the more consumer led sectors are far advanced in comparison to some of the B2B sectors. In the sector where Citisoft specialises, investment management, the fintech industry is still very much emerging. To a large extent this is due to the ultra-conservative and risk-averse nature of the sector.”
Steve commented that, for wider adoption of fintech, companies need to develop their operating models to “place technology as a core element and create an agile and nimble environment that supports change and a constantly improving customer experience. Investment managers are not yet ready to undertake this journey. In addition to the very real cultural challenges, the level of regulation in the sector has forced firms to focus on compliance to the ever increasing needs of the regulator. This has added serious constraints which limit their ability to evolve to a more modern and relevant operating model.”