It has been said that Cisco became Cisco by helping evolve the financial services industry over the past two and half decades. This has not been a one-way street as the financial services industry has consistently been the largest revenue generating industry for Cisco, including the past five years – even during the global financial crisis. In fact, Cisco is the only network company ranked in the FinTech Top 25 Enterprise Companies serving the financial services industry. FinTech is an annual ranking where the American Banker and Bank Technology News, in association with IDC Financial Insights, rank the revenues of the leading global technology and service providers to the financial services industry.
The financial services industry is going through perhaps its most significant modern age evolution, across all three segments – retail banking, insurance, and financial markets. Dramatic changes in the consumer segmentation landscape, based on the growing wealth and demands of the Gen X and Y crowd, along with business model shifting regulatory requirements, are causing major changes in investment philosophy among consumer-oriented financial institutions. In financial markets, a new ecosystem is emerging, characterized by network enabling FMaaS (Financial Markets as a Service), mergers of major exchanges to establish a virtual global exchange or “Meta Exchange”, resulting in a global inter-connected trading fabric. What does all of this mean? Lots of risk and lots of opportunity.
So why did we create this blog? Who are the people contributing, and what are their backgrounds? Why would you be interested?