Is the grass greener on the financial services’ side of the fence? (July 1999)

Is IT in the well-endowed financial services sector light-years ahead of clunky old E&P computing? Seemingly not!

Because the financial services industry - banking and insurance - are the real IT big spenders, we expected to hear that they were well down the road of distributed computing, one-time data entry , validation and suchlike. Wrong! These guys are in exactly the same boat as E&P.


Their systems are islands of information linked with spaghetti just like ours. The difference is that they have more resources to throw at the problem and probably manage the overall business better than us. But at the cost of numerous (human) tellers and clerks, lots of paper (still) and even more COBOL programmers keeping the ship afloat with dedicated point to point data links. The sector consequently shares our interest in the new object paradigm.

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