We asked some of the smartest minds in fintech how Wall Street is going to change - this is what they said by Jonathan Marino on Sep 27, 2015, 10:39 AM Advertisement
 The advent of technological change is reshaping Wall Street at a rapid rate. Business Insider surveyed a number of the brightest minds in financial technology, including chief information officers at industry giants, heads of innovation, startup founders and venture capitalists, and asked them one question. What is the one thing that is going to change finance as we know it in the next decade? Their answers varied widely, but there was a handful common theme that ran through all of their responses. The old models are changing, technology is making some systems antiquated, and new players are going to emerge. Here is what they had to say: David Gurle, CEO of financial messaging and data platform Symphony  "It's going to change in a number of ways. I'm not a specialist in finance, I'm a specialist in technology, but what I can tell you is this: there is today an operating system that makes the financial system work, the system that ties things together. That is a vertically integrated system, in the same way Windows is. "Over the course of the next 10 years, with cloud computing, with open source, we're going to see a model where the transformation of this system is the same as from Windows to Linux. You're going to see organizations being more technologically driven, like Goldman Sachs and others, and giving components of their assets as applications. That is going to make the life of people who interact with financial services way easier and more cost effective. "There's a huge infrastructure and technology cost today. Institutions spend billions of dollars on technology. Why? Because of this vertical model. As this transforms itself into unbundling and a horizontal integration like Linux provides, the cost is going to go down. Eventually, that's going to benefit all of us because the cost of transactions will go down and we'll find better deals. I'm pretty optimistic about that."
Blythe Masters, CEO of Digital Asset Holdings  "By and large you're going to see people moving into more value-added roles thanks to the advent of blockchain technology which will result in middle and back office operational burdens being dramatically reduced."
Suresh Kumar, chief information officer, BNY Mellon  "Silicon Valley firms are willing to share technology and knowledge when it doesn’t jeopardize their competitive advantage. They’re focused on talent. Empowering their people to try new things, fail fast and pivot is key to their innovation. The future for Wall Street, and finance more broadly, could also be more collaborative. "Rather than each firm investing time and money to build its own nearly identical processes, we could work together to create start-ups to improve those functions."
See the rest of the story at Business Insider
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