One of the key securities operations trends in 2016 was the clear embrace of the outsourced utility model for operations by many major financial services firms.
Susan Ciambra, senior vice president for sales at SmartStream Technologies, acknowledges this trend. In fact, SmartStream’s two victories via the 2017 FTF News Technology Innovation Awards reflect this major shift — Best Outsourcing Provider and Best Derivatives Operations Solution.
“Most financial institutions have realized that there is no benefit for them to perform these operations themselves — that it’s not their core competency,” Ciambra says during her FTF News video chat. “It doesn’t really differentiate them anyplace in the market. These are just operations that they need to do their business, which is making money for the firm and their clients.”
The outsourced, utility-oriented approach is seen as more efficient and cost-effective, says Ciambra who also discusses where the utility model is headed as far as middle- and back-office operations, and the developments in utility outsourcing last year that surprised her.
Ciambra was interviewed during the FTF Awards gala celebration June 20 held at the Dream Downtown Hotel in New York City.
CREDITS:
Video Production: Janene Knox and William J. Poznanski, Jr.
Interview conducted by: Eugene Grygo, chief content officer, FTF News
Co-Producers: Sarah Hathaway, vice president, Financial Technologies Forum (FTF) and Eugene Grygo
Need a Reprint?
Leave a Reply