New Financial Services Technologies Showcased in New York

Hundreds of financial services technology professionals gathered in New York City this week at Securities Industry and Financial Markets Association’s (SIFMA) Tech Leaders Forum and Expo 2012 to gain a better understanding of the Dodd-Frank Act. Technology companies are excited about the opportunities that Dodd-Frank is presenting as new rules emerge.  Signed into law in 2010, it has modernised regulations across the financial services industry. At the expo, leaders shared best practice in operating efficiency, risk management and infrastructure.   Technology companies showcased innovative solutions during the Expo, clearly demonstrating healthy competition in the Financial Services Technology market.

The US and UK financial markets are very similar, creating opportunities for technology vendors in both markets.  There are 251 banks with physical branches in the UK that have similar regulatory issues.  The Financial Services and ICT sectors currently account for 22% of UK GDP.

The UK’s culture of early technology adoption is highlighted by the rapid increase in mobile-banking use; today it is higher than 20 percent.  High-frequency trading is faster and being used more than ever before, thus requiring ever-improving efficient and secure technology.  Many American and British entrepreneurs in the cybersecurity, data management, and financial trading markets showcased in the Expo hall.

Standing in the Expo hall as the England vs Ukraine Euro 2012 game was shown on the televisions, one could feel the excitement from the British attendees at the show.  Companies stopping by the UK Trade & Invesment booth discussed how the upcoming Olympics is generating investment into East London, especially Tech City, the capital’s new technology hub.  The facilities in Tech City are being built with the infrastructure that technology companies in the financial services industry need to thrive.  The legacy of the Olympic games in London 2012 will provide a huge opportunity for this market to access superfast broadband and low rent prices in new office space.

Eli Manning, New York Giants Quarterback and Superbowl MVP, highlighted the essentials for success in any sport or business during his remarks: trust and leadership amid healthy competition.  There will continue to be many opportunities for innovative US and UK technology companies to provide services while striving to meet the latest developing financial services regulations.