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Top 10 financial services IT stories in 2017

Financial services continue to lead the way in IT spending, but what were the main trends in 2017?

Choosing Computer Weekly’s most significant articles about financial services IT in 2017 is no easy task because it has been another year of massive change. The following 10 articles illustrate some of the top IT trends in the financial services sector.

The list includes controversial subjects such as how financial services professionals are being replaced by technology at traditional banks, as well as how new banks are using technology as a core differentiator right from the start. And a list of financial services IT stories would not be complete without a fintech story or two, as 2017 saw the digitisation of banking accelerate.

Articles highlighted the strategies of a couple of bank CIOs to harness fintech. With more and more people choosing to bank on smartphones, the job of a CIO in the sector has been transformed from focusing on cutting IT maintenance costs to investing in new technology to attract and retain customers.

And although not solely a financial services phenomenon, blockchain must get a mention as well as bitcoin, the cryptocurrency that made it famous.

1. Thousands of Deutsche Bank employees will be replaced by robots

Thousands of Deutsche Bank staff could lose their jobs as the German financial services giant replaces “people behaving like robots” with robots acting like people.

2. Insurance industry transformation will mirror travel sector through insurtech

Disruption caused by new technology in the insurance sector is likely to mirror that in the travel sector, according to research by Altus Consulting.

3. CIO interview: Carlos Abarca, TSB

Carlos Abarca is guiding TSB through its migration from systems hosted by a competitor to a digitally focused in-house core banking platform.

4. Three-quarters of banks see startups as best way to access latest technology

Banks are prepared to work closely with IT startups to help them remain competitive as the threat from technology companies and financial services startups becomes significant.

5. Mobile software is replacing bank branches and cash as youngsters prefer apps

The need for bank branches and cash is reducing as younger generations turn to apps to manage finances and make payments.

6. HSBC, like its competitors, is searching for the Holy Grail of digital banking, Google Bank

The search for the Holy Grail that is Google bank has been going on ever since digital banking took hold.

7. CIO interview: John Mountain, Starling Bank

Starling Bank CIO John Mountain was attracted to apply to work at the challenger bank after reading its CEO’s claim that banks shouldn’t have an IT department.

8. Banks forced to be open about major security and operational incidents

New rules will force banks to publish details of major security and operational incidents, which will expose the frailties of those with outdated IT infrastructures and compel all banks to come clean about the level of cyber security problems.

9. IBM and Credit Mutuel Arkea beat banking legacy with blockchain

French bank Credit Mutuel Arkea has been working with IBM to use blockchain technology as a way of identifying its 3.6 million customers.

10. Scientific study reveals bitcoin is not dominant in cryptocurrency market

Investors in cryptocurrencies do not consider price and underlying technology when they buy virtual currencies, but merely buy those with the highest market share.

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