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There is no doubt that emerging technologies are disrupting industries all over the world, but one area that has experienced massive technological growth and change in recent years is the financial services industry. There is no clearer indication of this than the recent erupting business area known as financial technology, otherwise known as “fintech”. Fintech consists of any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin. It has transformed the way money is managed and affects almost every financial activity, from banking to payments to wealth management. Startups are re-imagining financial services processes, while financial services firms are following suit with new products of their own.

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In recent posts, I’ve shared my thoughts on how Juniper Networks’ hybrid cloud and security capabilities support the efforts of financial services industry (FSI) firms to achieve their fundamental CRA (Cost, Risk, Agility) goals. Naturally, our security attributes primarily address the risk component of that equation. Let’s do a deeper dive on Juniper’s Cloud-enabled Branch offering, which focuses on agility benefits, while simultaneously delivering cost and risk advantages.

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A massively disruptive technology change is coming to retail banking in the UK and if the big four retail banks don’t react then they could be marginalised. The UK’s Competition and Markets Authority published a set of proposals on the 9th August to improve consumer choice and competition in the retail banking market. Among them was the proposal to implement the Open Banking Standard by early 2018. 

 

The core proposals of the Open Banking Standard are to provide a set of open APIs that will allow authorised applications access to your banking details and potentially make transactions using accounts from other banks.

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Secure the Network - Not Just the Endpoints

by Juniper Employee ‎08-05-2016 05:39 AM - edited ‎08-15-2016 08:24 AM

In a recent post I discussed how Juniper’s hybrid cloud capabilities enhance our CRA strategy (Cost, Risk, Agility) for addressing the most critical business technology decisions of our clients. The first question posed by any financial services (FSI) firm considering a move to the cloud is whether they can build in appropriate levels of security. The answer is yes; however it requires a shift in the traditional way of thinking about security.

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Lessons for Financial Services Firms in New Juniper Research

by Juniper Employee ‎08-04-2016 08:00 AM - edited ‎01-11-2017 09:18 PM

A newly published study that reflects the views of over 2,700 global IT and business decision makers includes valuable takeaways for financial services. The Juniper Networks commissioned Wakefield Research report reveals that while IT Decision Makers (ITDMs) and Business Decision Makers (BDMs) both appreciate the value of IT infrastructure for future success and the need to upgrade existing capabilities, there remains a troubling disconnect between IT professionals and the C-suite.

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It's all about cost, agility & risk

by Juniper Employee ‎07-22-2016 08:24 AM - edited ‎01-11-2017 09:22 PM

 

 In a recent interview Tony Evans (Vice President, Global Financial Services, Juniper Networks) highlighted that the top three issues for CIOs at his customers in the financial services industry are: cost; agility; and risk. None of these are surprising, and will probably still be the big issues this time next year

 

It's interesting to think about how each of these areas of cost; agility and risk can be tackled by CIOs in the financial services industry.

 

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The blockchain world divides fairly neatly into believer and non-believer camps, although the ranks of the latter have recently been in decline. As more technology experts take a look under the hood – particularly the experts connected to agile start-up firms aiming to leapfrog legacy processes – the notion of non-financial blockchain applications is building momentum.

 

However, this serves as an important reminder: the blockchain is not synonymous with Bitcoin. Simply put, the blockchain is a network-based system of record keeping linked across a large number of distributed ledgers. This technology has too often been viewed through a cryptocurrency lens. For better or worse, Bitcoin was the first highly visible application of blockchain technology, leaving a somewhat sullied reputation to overcome.

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Recognising these unique challenges facing the industry, Juniper and BT have joined forces to commission a white paper from Ovum that looks in to these issues and how CIOs should respond to the challenges. The white paper looks at how financial institutions can address the challenge of Creating the Network of the Future for the Digital Financial Institution.

 

The key messages in the paper revolve around three themes:

 

  1. Institutions needs to embrace new SDN technologies that will enable them to orchestrate the network and increase automation
  2. There will be an increasing move to the cloud, with a hybrid of both public and private cloud becoming more important
  3. Open technologies will be advantageous to enable change as technology evolves

 

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The Hybrid Cloud- Harnessing Risk to Reduce Cost and Gain Agility

by Juniper Employee ‎06-22-2016 01:34 PM - edited ‎08-02-2016 03:25 PM

In an earlier post I introduced the CRA construct (Cost, Risk, Agility) to encapsulate the market imperatives driving most business technology decisions. It’s a helpful framework to illustrate the value of the hybrid cloud, one of the hot topics in the IT space, highlighting both its benefits as well as some challenges that Juniper is uniquely equipped to address.

The benefits of cloud computing for cost and agility are both compelling and straightforward. Total Cost of Ownership is greatly reduced in a cloud environment, primarily through capital savings (since the need to purchase hardware is minimized), although operating expense is typically trimmed as well. Likewise, Agility gains are significant as the enterprise becomes untethered from legacy systems.

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In my last post I explained how our recent client discussions about market imperatives led us to group the business priorities of financial services firms into three main categories: Cost, Risk, and Agility. I also outlined Juniper’s strategy of investing in products tailored to meet the distinct needs of our key financial services verticals:  global banks, insurance companies, capital markets and exchanges.

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