The Future of FinOps

John O'Hara Operations, Technology

FinOps are labouring under a burden of regulation, cost pressure and legacy systems not suited to modern markets. Managers are looking for practical, cost effective solutions to address the challenge. Taskize presents a way to make work flow across the industry without disruptive technology investment and leaving the path clear for emerging operational models.

For years, the middle and back offices of banks have faced a stream of far-reaching and interrelated regulations and ever increasing demands for speed and accuracy. A challenge which is exacerbated by unprecedented margin pressures across business lines.

For banks to survive, operating models have had to adapt – and this has resulted in some major alterations to outsourcing arrangements. FinOps has become a hugely complex ecosystem. All this adding to an industry which already gives rise to thousands of queries and issues every day, each of which requires some form of human intervention to resolve. The current environment is both costly and risky.

Too many financial processes stubbornly refuse to succumb to automation and Straight-Through-Processing. This is now about optimising people and fundamentally changing how they and their organisations interact and resolve exceptions to make work flow more efficiently.

We think banking needs a new kind of utility for the business of operations. A utility where FinOps staff faced with the next problem can quickly find the right people in the right role at the right firm to set things right and quickly and cheaply. A utility that can easily structure and manage diverse operations tasks. And finally, a utility that can flex to support new outsourcing models as these evolve.

Now, let’s imagine FinOps working within an ecosystem that provides transparency, control and security both within the bank and externally. An ecosystem designed to support the efficient movement of manual tasks and created specifically to meet the needs of operations. Imagine if this ecosystem was intelligent and self-maintaining so operations staff can focus on completing their tasks in a timely and compliant fashion. This would put the power in the hands of the individuals managing work whether at in the bank, at a counterpart or at a business process outsourcing partner – and managers would know they are in control. It would help banking on the journey towards industrial levels of integration. You can stop imagining now.

The chance to make a difference of this magnitude does not arise often. I took the opportunity to deliver open messaging infrastructure to capital markets with AMQP and FpML. In doing so I and my collaborators made technologies which enable STP widely and freely accessible, yet operations remain under served. The natural next step is  to make improvements where traditional automation has failed. That’s why I founded Taskize.

I believe that Taskize – which has been built specifically for banking and the harsh realities of the middle and back office – will increase productivity, reduce operational and systemic risk, and enhance client service. And banks already recognise the potential in what we’ve created.

It’s time to make work flow across capital markets with greater efficiency, security and control.

This is the future of FinOps.