NELSON WOOTTON
NELSON WOOTTON
TITLE: CEO AND CO-FOUNDER COMPANY: SAASCADA
INDUSTRY: FINANCE / TECHNOLOGY
LOCATION: LONDON, UK
As CEO and Co-Founder of SaaScada, Nelson is head of strategy and delivery, leading the team to drive real change across the industry
says Nelson.“ The first is around reporting. It typically takes six to eight weeks to get data out of core systems to deliver reports that inform decision making and innovation. It means you’ re effectively a month behind the reality of what’ s going on.
“ Banks are inherently risk averse, which slows down innovation, but ultimately the underlying technology is the main problem,” he says.“ Once you have your report, you spot an issue and need changes to your core banking, getting it done can take up to nine months by the time you’ ve factored in dealing with the core banking vendor, then making and testing the change. What we try to do at SaaScada is create a more agile environment for making these kinds of decisions.”
Innovation and risk Architecture of legacy core banking software makes testing cumbersome and sluggish, with banks facing limited ability to experiment, complex sandbox environments and expensive RFP processes – SaaScada’ s research finds that 63 % are concerned about making changes because of cost and risk, while 82 % want a safer and more efficient way to experiment and test products.
Existing core banking software uses a silo architecture model, within which each product has its own set of code.“ That may seem logical,” says Nelson.“ The challenge is you have a huge stack of software with all your products running in this code base. If you need to
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