Elsen CEO Zac Sheffer recently did an interview with Prattle about the modernization of financial institutions and the future of data in finance.
"You’ve written that most financial firms are 'still using decades-old technology at the core of their business.' Could you give examples?
While modern technology like machine learning and analytics are transforming the business landscape across industries, the financial industry is lagging behind. Many of the largest financial institutions in the world still run on ancient IBM mainframes. While most of the retail banks and consumer-facing institutions have done a good job at building websites and apps that offer a modern look and functionality, the back-end is still powered by the same old machines. And very few institutions have put the same time and effort into building modern, intuitive applications for their own employees to use. It’s understandable that they put the customer first, but to remain competitive and empower their employees, it’s time they invest in solutions for their workforce too."
Read the full interview on Prattle.