November 2010: Are You Easy to Live With?
A number of years ago I heard a quote attributed to Archbishop Desmond Tutu that, on the face of it, was mildly amusing: “Welcome to Africa—now throw away your watches.” The quote—which, it must be said, Google seems not yet to have encountered, thereby casting doubt on its veracity or source, or both—is nevertheless likely to strike a chord with most people who have traveled to parts of Africa or who have lived in an African country for any length of time. But, regardless of whether this is one of the Archbishop’s many verbal gems or not, you get the general idea: African time tends to be more of an approximation than an absolute.
This quote came to mind on the back of a recent conversation I had with a long-time colleague from a buy-side-focused technology firm. He reckoned that by simply arriving on time to a beauty pageant had all but guaranteed his firm a number of contracts. “This is their rationale,” he said, referring to how financial services firms perceive the all-important process of how they go about evaluating potential technology vendors. “If the prospective provider can’t turn up on time, or if they postpone or cancel the appointment all together, how can they be trusted to get a complex implementation right?”
Let’s also remember that technology implementations tend to be more like long-term relationships than one-night stands—user firms have high expectations from their technology providers that extend to months and years as opposed to days.
Another point he made also pertains to the beauty pageant scenario: “The beauty parade is about the best you’re ever going to see of a technology firm. If they are unreliable at the outset, and are therefore considered unprofessional by the company they are attempting to woo, can you imaging how bad they are going to be once they’ve won the contract and aren’t interested in being on their best behavior anymore?”
It’s hard to disagree with such an argument, a premise that all technology providers would do well to bear in mind. Sitting where I do, you’d be surprised by how often I get to hear of major contracts being won and lost, not on pure functionality which is what you’d expect, but rather on how easy the provider is to live with.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Artificial intelligence, like a CDO, needs to learn from its mistakes
The IMD Wrap: The value of good data professionals isn’t how many things they’ve got right, says Max Bowie, but how many things they got wrong and then fixed.
Symphony looks to cloud, AI for enhanced trader voice
The communication and collaboration platform provider is utilizing modern technology to grow its network of services and users.
Observations and lessons to learn from the move to T+1
The next few years will see other jurisdictions around the world look to North America for guidance on transitioning to shorter settlement cycles.
As US options market continued its inexorable climb, ‘plumbing’ issues persisted
Capacity concerns have lingered in the options market, but progress was made in 2024.
Doubts raised over new FX platform disclosures
New disclosure sheet template will require platforms to outline how they charge for data
Expanded oversight for tech or a rollback? 2025 set to be big for regulators
From GenAI oversight to DORA and the CAT to off-channel communication, the last 12 months set the stage for larger regulatory conversations in 2025.
DORA flood pitches banks against vendors
Firms ask vendors for late addendums sometimes unrelated to resiliency, requiring renegotiation
IPC’s C-suite shuffle signals bigger changes for trader voice tech
Waters Wrap: After a series of personnel changes at the legacy provider, WatersTechnology examines what these moves might mean for the future of turrets and trader voice.