21 February 2016
Cliff Moyce of DataArt challenges status quo in fin-tech
By Tony Zerucha
Cliff Moyce, Global Head of Financial Services Practice at DataArt, speaks with Bankless Times about the dawn of alternative, customer-centric financial services that challenge specific segments of traditional banking.
“Cliff Moyce liked DataArt so much he joined the company… Clearly an experienced hand at the use of technology in financial services, Mr. Moyce believes incumbents need to fully embrace technology if they intend to stay relevant in the coming decades. For the first time in their history financial institutions have to be responsive to their customers’ needs, Mr. Moyce said. That is because technology has fostered an unbundling of the bank. Startups have sliced it up and are offering slivers to the customer, who can create a package of services that meets their own needs. “People suffered because banks were giving them what the banks wanted the way banks wanted to give it,” Mr. Moyce said.
Mr. Moyce knows banks have shifted their thinking because he speaks to them at events and they contact DataArt to help them develop customer-responsive systems… Banks are battling an entrenched organizational structure where each department works separately from the rest, he explained. Systems repeat themselves across departments, often with their own infrastructure. Less need for communication exacerbates the problem… In most cases a client’s systems do not have to be eliminated, Mr. Moyce explained. They can be linked together for the first time, or decoupled and rejoined in a more efficient fashion. “We don’t build a new modular system,” Mr. Moyce said. “We make the existing system modular.”