Platforms are pretty buzzy. The term is all over banking and technology, especially for core back office functions in risk and finance. Nearly every Tom, Dick, and Susie in vendor space uses the term “platform.”
But not all platforms are created equal, and some don’t even qualify as such. This isn’t just semantics; this definition matters. Platforms have powerful features that allow financial institutions to do things better, faster, and cheaper than ever before; the latest generation takes it to another level.
1. Adaptability is crucial in risk and finance applications. There have been a myriad of new demands over the past decade, and most financial institutions have struggled to keep up.
2. A real platform changes the eternal buy versus build question to “buy and build.” Yes, there’s an embedded assumption in this that financial institutions don’t build platforms. There are always exceptions, but in general the pressures facing internal IT departments are simply too great for them to build a real platform.
3. A platform is built of components that allow for the creation of higher order software services that can be reused for different things across the enterprise. Rule engines, cashflow engines, workflow processing tools, and so on come together in a way that allows for customization as a core design principle.
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