The overwhelming majority of department heads at banks based in the UK have never heard of service-oriented architectures (SOA).
According to a survey of 100 people working at banks in both the UK and Germany, some 89% of department heads based in the UK had not heard of SOA, compared with 68% of their peers working in Germany.
Of the UK bankers who had heard of SOA, just 37% knew what benefits the technology could bring to their business processes. Some 95% of German bankers who had heard of SOA understood how it could be used to meet a business need.
Every bank in Europe has to comply with the Markets in Financial Instruments Directive (Mifid) by 1 November this year. Mifid requires banks to rethink their business processes because they will need to find the best transaction prices for their clients anywhere in Europe. At the moment, banks often route all their trades to a single stock exchange.
The bankers were surveyed by Ilog, a software supplier that develops business rules applications.
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