MPs call for action on banks, Big Tech to avoid IT failures

[Martin@AS Financial]

Interesting story from Reuters:

MPs call for action on banks, Big Tech to avoid IT failures - Reuters

[BrilloPad]

Soon, financial services will be all the UK has to offer. Banks are going to feel less like UK tenants and more ike UK landlords.

Why should the banks care what MPs think?

[Zigenare]

Soon, financial services will be all the UK has to offer. Banks are going to feel less like UK tenants and more ike UK landlords.

Why should the banks care what MPs think?

I don't know about that mate, we've just won another $200mn order.

[BR14]

I don't know about that mate, we've just won another $200mn order.

feck me that's a lot of pizza's

[edison]

I haven't got access to the latest year's Gartner figures but alongside professional services, banks and other financial services companies spent the highest percentage of revenue on IT amongst 20 odd sectors globally only a few years ago.

You have to wonder where all that money is going for there to continually be so many outages for critical systems. I assume a lot of the spend is driven by regulation but even so, spending 50% more than any other sector makes me think banks have been using too many expensive contractors....

[Zigenare]

feck me that's a lot of pizza's

It's even more "Smarties", Bob.

[TwoWolves]

I haven't got access to the latest year's Gartner figures but alongside professional services, banks and other financial services companies spent the highest percentage of revenue on IT amongst 20 odd sectors globally only a few years ago.

You have to wonder where all that money is going for there to continually be so many outages for critical systems. I assume a lot of the spend is driven by regulation but even so, spending 50% more than any other sector makes me think banks have been using too many expensive contractors....

Most of the worst failures seem to happen in retail banking (where they outsource and use poorly paid permies), not investment banking (with the expensive contractors).

[BrilloPad]

You have to wonder where all that money is going for there to continually be so many outages for critical systems. I assume a lot of the spend is driven by regulation but even so, spending 50% more than any other sector makes me think banks have been using too many expensive contractors....

The expensive contractors have long gone. Its all off-shored or near-shored now.

Banks just don't !"get" the value of IT.

[edison]

Most of the worst failures seem to happen in retail banking (where they outsource and use poorly paid permies), not investment banking (with the expensive contractors).

Retail banking failures are the ones that affect ordinary consumers and the public in large numbers. I guess there are investment banking failures, we just never get to hear much about them in the media?

[Mordac]

I haven't got access to the latest year's Gartner figures but alongside professional services, banks and other financial services companies spent the highest percentage of revenue on IT amongst 20 odd sectors globally only a few years ago.

You have to wonder where all that money is going for there to continually be so many outages for critical systems. I assume a lot of the spend is driven by regulation but even so, spending 50% more than any other sector makes me think banks have been using too many expensive contractors....

It's going to the lowest bidder. And then to the next lowest bidder, to fix some of the mistakes from the first time. And then the next lowest...well, you get the idea.