MIDIOR is well known for our work in the financial services industry. Today, the application of MIDIOR’s product development methodologies is particularly relevant because the rising tide of the financial services asset base, so dependable in the 1980’s and 1990’s, is no longer increasing. As long as top-line growth continued, the focus on cost controls and maintaining a continuous stream of new products and services was not a priority. In today’s changed climate, putting the discipline of product development and management into financial services firms is the key to future growth and profitability. Our clients span the capital markets, banking and insurance sectors. We work with global custody and accounting firms, mutual fund companies, insurance providers, pension funds, asset managers, retail, commercial and investment banks, and other financial services firms, in productizing their services. A common observation we hear, is that financial services firms have no explicit "R&D" budget or functional group chartered with the delivery of new products and services. Perhaps, because financial products and services have come to be defined by the software and systems that enable them, this role lands in Information Systems. However, management of the mission critical platforms and systems that keep a financial services company running is a very different ballgame than investing "risk capital" in new ideas and concepts. The tension between these two world views is apparent every day. And when the balance is tipped too heavily towards the needs of mission critical operations, the result is a static infrastructure that is very resistant to change. In financial services, we like to make the analogy to manufacturing firms where operations teams are incented to keep the products stable while they perfect their processes, but R&D is motivated to continually develop new and better products. The two functions are very different and must be managed to meet different objectives with different approaches. Many of our financial services clients are challenged with this tension between IT’s desire to focus resources on effective systems and technology platforms (IT) and the business lines’ on-going demand for new capabilities. (click here to view our study on Management Practices in IT) We work with IT leaders, CIOs and individual team members, providing planning, implementation and skills development resources which they can apply to their most critical or under-staffed initiatives. Whether we are optimizing an IT portfolio, implementing a new system, gathering requirements or developing a management dashboard, we are always working against a backdrop of maximum return on dollars invested in technology and increased productivity for technical teams. For financial services firms that are seeking highly skilled outside resources for critical technology programs or who recognize a need for an unbiased third party to assist with technology planning, MIDIOR is the perfect partner. |
