“If everything seems under control, you're not going fast enough.”
― Mario Andretti
Agile, "Fail-fast" and other similar approaches are embedded into the Fintech world, a hardly regulated arena. How would these approaches fit into a SOX, CTFC, SEC, FCA, MAS and similar regulated firm?
Only way I can see to make this work is either a form of greenwash, let's call it fintechwash OR a genuine effort to allow this to happen with Innovation, leadership and management.
The way to move at speed within finance is to have:
- access to market participants for feedback, validation and verification
- low procedural latency - see Agile with an "A" and an "a"
- low regulatory oversight - see Investment Banks and Robocop
Build the innovation outside of the main bank technology arena and later on re-integrate. Might seem more complicated but it will work. Trying to change a bank culture to innovate at speed is a challenge beyond many...