The Future of Financial Services with New Neudesic VP, Lawrence Rupp
With over three decades of experience assisting banks, capital markets, and insurance companies, Lawrence Rupp has witnessed a myriad of industry shifts. From financial downturns to regulatory evolution, to adapting to changing customer demands, the newly-appointed Vice President of Financial Services and Insurance (FSI) now aims to leverage his vast knowledge and insights to drive innovation and growth within the sector.
We sat down with Lawrence for to discuss about the predominant trends in the sector. For the sake of brevity, the conversation below was edited.
The Primacy of Customer Experience in Banking:
Consumer banking is on the cusp of sweeping change.
The surge in AI (Artificial Intelligence) technology is enhancing customer interactions at places, like Northern Trust, and boosting staff performance. Challenger banks epitomize this blend of consumer-centric strategies, financial acumen, and tech advancements. The CFPB’s open banking initiative, which is radically challenging the established order and eliminating old barriers to account transfers.
For firms to thrive in this fluid environment, internal transformations should be expedited. The days of one-size-fits-all solutions are behind us. Real innovation starts by understanding and tailoring to users' needs and continually refining solutions with them. This product-driven mindset and gains from AI also marks a tech evolution, necessitating capabilities like those from Azure OpenAI, which older systems may be unable support.
I joined Neudesic due to its rich mix of AI expertise, application and infrastructure migration know-how, deep insights into financial services, and an extensive suite of accelerators. Between its Microsoft AI Partner of the Year and IBM’s acquisition, Neudesic is poised to lead the modernization wave in FSI.
The Maze of Regulatory Compliance
Although intricate, regulatory compliance holds promise for pioneers in the space. The trick lies in complying with existing laws like the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) and adjusting to new mandates stemming from incidents like the recent defaults at Silicon Valley Bank and Signature Bank.
The challenges manifest in the intricacies these mandates bring. They will require novel processes, behaviors, and systems integration. Yet, it is crucial to understand that compliance shortcomings often stem from outdated tech and limited resources, not deliberate oversight. The remedy? Modernize. This not only mitigates regulatory risks but also unblocks the path to compliance.
Again, as Microsoft’s #1 FSI Global Systems Integrator (GSI) and 2023 Global Migration to Azure Partner of the Year, Neudesics has the tools, expertise, and skills needed to help companies do more with their data.
Hedging Global Uncertainty
IT transcends basic backend operations; it is a bulwark against worldwide volatility.
Reflect on shifting global dynamics: events in Russia, US-China ties, pandemics, economic upheavals, and environmental issues. These elements consistently modify the financial risk landscape. Firms lacking IT agility tend to adopt a defensive stance, primarily slashing costs rather than seeking growth avenues. Conversely, companies with contemporary systems benefit from cost efficiencies and discover new revenue streams, propelled by breakthroughs like Generative AI and Deep Learning.
What was once seen as an art, migration has matured into a distinct science. As a Microsoft's Partner of the Year, Neudesic stands at the epicenter of this evolution, prepping businesses to stay agile and future-ready.
The financial sector stands at a crucial juncture. Characterized by innovation, challenges in regulatory compliance, and global transformations, companies need to prioritize modernization, user-centric approaches, and adaptable frameworks to stay competitive. Influential thinkers and subject matter experts, such as Lawrence Rupp and the larger Neudesic team, are poised to exert a substantial impact on its trajectory.