Executive Summary: The financial services industry and regulators are in rare agreement over the need for some sort of reform. The broad spectrum of views on the issue suggests a need for some fundamental questions that highlight the key decision making elements of the process. Here are some questions that may position you to quick get to the crux of the matter.
A friend* who owns and runs a company in the chemicals industry asked, "If the state is responsible for everything, and pays for everything, why have any liability (on the private players) at all?" As a responsible businessman, he was reacting to a news article that in case of problems, a power plant operator's liability would be capped at 5 to 10% of the total cost of building the plant. The sector? Nuclear power.
The financial services sector and its regulators are apparently in rare agreement that some change must be effected in the sector. The questions I raised in the exchange over the nuclear power sector may be applied to the financial services sector. This is to serve as a parallel to help think through the direction of regulatory reform.
The key to the questions is based on:
1. Market structure
2. Managing liability
Fundamental Questions
Here are some fundamental questions that may help us get a better grip on the discussion.
1. Liability:
- Why do we need the concept of a corporation and the limited liability corporation, for private industry to successfully exist?
- Why do we need the concept of bankruptcy and the potential of a corporation emerging from it?
- Why do countries support the concept of LLCs, and why do more "efficient" (???) economies have "good" bankruptcy laws and implementations?
- Does liability, actual or nominal, ever disappear? Or does it just sit hidden (liability arising out of the risk of a catastrophic event), or rest in plain view (estimated liability after the catastrophic event has occured), till some action is taken?
2. Comparables:
- Does a generator of hydro electric power, who has built a dam, get some sort of liability support?
- If yes, is there a particular reason for either denying or augmenting liability support for the nuclear power sector?
3. The Need for Private Players in the Industry:
- Why do we need private players in the sector? Why can't the government go it alone? Is there a need for more capital, technology, management expertise, or innovation?
4. Regulation:
- How does regulation create the right sort of safeguards and incentives?
- Can the regulation be effectively implemented/ enforced?
More on Liability
An example from the brick and mortar world:
If a building falls a few years after construction (now, we could use the example of crane accidents which have happened in New York), the supplier of building materials/ builder/ building management/ city may get sued/ face civil or criminal action/ etc. Perhaps the high cost of paying out the liability may cause one of the players to go bankrupt. Lets deconstruct this scenario:
1. Was the supplier of building materials working in an environment where faulty components were expected to be weeded out by other players in the value chain, and were not supposed to make the building collapse? In that case, was the liability shared by the "integrated" supplier, construction company and the checks and balances system?
2. Was the liability so huge that, despite it being correctly apportioned to all stakeholders, it remained so large that even after liquidating, the private players involved couldn't make a dent in the liability? In that case, what's the point of apportioning liability?
3. Is it possible to limit the effects of a collapse of a market to within the market? E.g. Does the market have enough players to replace the bankrupt company?
4. Would the collapse of the company cause the market to collapse? Would the collapse of the market be acceptable?
5. Is this a market where "failure" means only two options- all players come together to fix the problem, or someone is prosecuted for negligence, while the rest try to fix the problem?
An Example of a "Negotiated" Allocation of Liability
Lets return to the financial services industry, and look at how Iceland is handling the liabilities arising out of the collapse of its financial services industry:
http://online.wsj.com/article/SB10001424052748703391004575106452707894556.html
What do you think?
Update: Nikhil shared a wonderful article that showed that folks in the 1950s in the US had thought about these deep philosophical questions while creating an industry in the Nuclear Power sector. It's just fantastic to know that. Now, the same assumptions may not apply in a different context, but it is still fantastic to get an insight into "market engineering".
* Thanks Nikhil.
Showing posts with label financial services. Show all posts
Showing posts with label financial services. Show all posts
Tuesday, March 23, 2010
Sunday, February 01, 2009
On Investing in Financial Services: J. Christopher Flowers, J. C. Flowers & Co.
Some thoughts from a J. C. Flowers’ talk below, even though a little dated. He has been in the middle of events that have defined this decade, and could possibly impact this century.
Investment Strategy
J. C. Flowers has frequently executed a strategy of investing in financial services companies where the government is an important player. His theme was that government assisted deals seem to have no downside, even if there may be a capped upside, like the Shinsei Bank deal.
Investment Structure
He create a silo structure that can take 100% control of banks and that separates the acquired bank from the investing firm’s other investments. Flowers executed this by acquiring 9th smallest national bank. He has utilized this strategy to take 24% control in a German commercial real estate property lender.
Central Banks Around the World
His take on central banks- BOJ was moving slowly, Ireland may well go the way of the UK, and that the ECB has been hammered by national interest. These thoughts, seen in light of calls for a concerted global action by economists, as well as in light of efforts by Bank of Ireland to avoid directly bailing out the banks, caught your attention.
The Usual Suspects… Err… Questions.
Some questions arise:
1. How do both the investing strategy and structure account for the regulatory risk of investing in financial services companies? Could the market/ industry of the acquired player disappear? Say CDOs are regulated away? A more operational question is how do you deal with a government that is trying to force you out? That’s something that Flowers may be experiencing in Germany.
2. Given the governments may not want to continue their assistance of financial services for long, what kind of strategies would he need in place to exit with returns?
3. Regulatory capture is a separate line of thought- is that relevant here?
What do you think?
The Usual Disclaimer: This is purely a knowledge sharing resource and I have been careful to protect panelist/ speaker interests. Ethically, context is everything, and I will gladly retract anything that affects the parties mentioned. Call this my mini OpenCourseWare, if you will, where Open signifies life experiences.
Investment Strategy
J. C. Flowers has frequently executed a strategy of investing in financial services companies where the government is an important player. His theme was that government assisted deals seem to have no downside, even if there may be a capped upside, like the Shinsei Bank deal.
Investment Structure
He create a silo structure that can take 100% control of banks and that separates the acquired bank from the investing firm’s other investments. Flowers executed this by acquiring 9th smallest national bank. He has utilized this strategy to take 24% control in a German commercial real estate property lender.
Central Banks Around the World
His take on central banks- BOJ was moving slowly, Ireland may well go the way of the UK, and that the ECB has been hammered by national interest. These thoughts, seen in light of calls for a concerted global action by economists, as well as in light of efforts by Bank of Ireland to avoid directly bailing out the banks, caught your attention.
The Usual Suspects… Err… Questions.
Some questions arise:
1. How do both the investing strategy and structure account for the regulatory risk of investing in financial services companies? Could the market/ industry of the acquired player disappear? Say CDOs are regulated away? A more operational question is how do you deal with a government that is trying to force you out? That’s something that Flowers may be experiencing in Germany.
2. Given the governments may not want to continue their assistance of financial services for long, what kind of strategies would he need in place to exit with returns?
3. Regulatory capture is a separate line of thought- is that relevant here?
What do you think?
The Usual Disclaimer: This is purely a knowledge sharing resource and I have been careful to protect panelist/ speaker interests. Ethically, context is everything, and I will gladly retract anything that affects the parties mentioned. Call this my mini OpenCourseWare, if you will, where Open signifies life experiences.
Wednesday, September 24, 2008
The Anatomy of a Financial Crisis/ Good Times, Bad Times
Notes:
The first 5 points of the notes are at end of the novella below.
6> Characters below bear no resemblance... oh, go on and read it for yourself.
The Anatomy of a Financial Crisis, Or,
Good Times, Bad Times (With Apologies to Led Zep)
Minnie, Manny and Moe are bankers in GeeWizLand. They like to lend folks money so that folks can take fun vacations and create a global economy. The 3Ms have been doing this for ages, and they like to lend money to a certain set of people, like Paris Heelton and Britney Spurs, with the odd movie star like Ms. Jolee thrown in.
Funky Fred comes along and tells the 3 Ms that he will be happy to guarantee these vacation loans for a small fee. Given the uncertainty over Paris' Jail time and Britney's asylum ambitions, this sounds like a good idea to the 3 Ms. Funky Fred also decides the he could lend to the 3 Ms. Moe is totally on board with Funky Fred on this. Ms. Winepub showed up at Moe's very ornate door seeking money for a rehab vacation, and Funky Fred's loan would help Moe lend a helping hand to Ms. Winepub.
Times are good. The 3 Ms meet at the 3Ms Factory every Friday night to gorge on Cheesecake and are happy to invite Funky Fred to the party. On one of these evenings, Funky Fred comes up with another innovative, brilliant idea. He will not only allow ordinary folks to become shareholders in his company Fred Smarts, but he will also borrow. There are only 3 bankers in GeeWizLand. The 3 Ms. Funky Fred points out that the smart and funky thing about this borrowing is that he will pick and choose loans, label them 3 As and let Minnie, Manny and Moe choose to lend against the 3 As.
Minnie, Manny and Moe look at each other, and like the idea. After all, Funky Fred is the smart guy running Fred Smarts. He is guaranteeing their loans. He is also a lender and has some insight into the loans business. Minne is thinking she will get to lend against the 3 As in Moe's bag- she had been eyeing superstar Winepub's rehab vacation deal that Moe pulled off. So, they begin to hammer out the idea over more Cheesecake. Funky Fred totally connects with Minnie when he mentions that he thought Ms. Winepub was such a good bet, he lent her money for her second rehab vacation. With the cha-ching at the opening of Pink Floyd's Money ringing in their ears, Funky Fred and Moe exchange high fives. Manny being Manny, throws a plate of cheesecake up in the air, high fives a cute hanger on, and then tosses it over to Funky Fred. Finally, to close the deal, Funky Fred announces, "Folks, I think this is the beginning of a beautiful friendship".
Sweet!
Of course, the 3Ms are not supposed to be thinking about Funky Fred's uncle. Sam. Sam is the Warren Buffet of GeeWizLand. Fred has always been careful to tell them that Sam's a great guy and everything, but Sam and he have no business dealings, and that Sam minds his own business. Anyhow, the 3 Ms think it can't hurt to have Sam for an Uncle.
So, times are good. With all the fees Minnie, Manny Moe and Fred are making, the innovative Friday night cheesecake parties at the 3 Ms Factory are the toast of GeeWizLand.
Along comes Boogie Howser, NPH. Brilliant guy. He wants to take a year long sabbatical- he wishes to go sailing around the world. He intends to use the money from his consulting gigs, playing doctor sans frontiers, mais avec un bateau, at his stopovers to pay the interest on the loan while he is away. Moe likes Boogie. Boogie's past record as GeeWizLand's superdoc is unbeatable. Moe thinks this loan is do-able and happily loans Boogie the money. Moe thinks Boogie is not just Type A, he is Type 3A and labels him as such (AAA). Same goes for the loan- now 3A (TM). Plus, times are good, aren't they?
Now, Boogie breaks a leg at a stopover in Timbucktu. He treats folks who cannot really pay much. He misses a payment, and then some. Ms. Winepub treats her rehab vacation like a vacation, her concerts bomb, and her second album completely bombs. Ms. Winepub is a gem of a person. She will repay her loan. Fred and the 3 Ms think she will too. She's a rockstar and a gem of a person. Really. However, for now she missed a payment and then some.
Moe realizes he is in trouble. Even if its only for now. First there was Boogie, a customer he had not dealt with previously, and now Ms. Winepub was tottering as well. All superstars, each one a gem of a person. Moe suddenly has no money to lend because he is not getting any money in. In fact, Moe may not be able to make his payments on the money he has borrowed.
Funky Fred and Moe have a quiet chat at their Cheesecake Party. Funky Fred realizes he is in trouble too, just like Moe. First there was Ms. Winepub. Now, he has to stand by his guaranty for Moe.
Funky Fred has no money. Not to lend. Not even to make payments to Minne and Manny who were counting on his funky 3 As. Minne and Manny haven't heard about Ms. Winepub's financial mess. They couldn't. To them, she had become one of the funky Type 3As- Not Just a Number, But a TLA (Trademark, Funky Fred). In any case, Minnie and Manny soon realize they are in trouble as well. Funky Fred can't pay them. Now, Minne and Manny can't lend. Maybe they wouldn't be able to make payments in the future either.
The 3 Ms realize that old methods like throwing cheesecake at each other to sort matters out would not work. True to their reputation, the 3 Ms will have to innovate yet again. Minnie, Manny and Moe now step out of their party and head over to Fred's Uncle's- Sam's- place.
Sleepy Sam is awakened by a 3 AM knock at his door and finds Minnie, Manny and Moe looking at him. Sam, a little drowsy, begins to think about why he should bother with the 3Ms. Really. Minnie, Manny and Moe dug their own grave. Then there was Funky Fred, who was always too smart for his own good. Who goes about calling himself Funky Fred? He is not sure if its the sleeping pills reacting with his face cream, but his mind plays a phantasmagoric reel of Young Sam punishing little Funky Fred for making too much money at his lemonade stand by spanking him and getting him to drop Funky from his name for the next school year. The reel ends abruptly with Funky Fred negotiating with the immortal line, "Funky by any other name... is still Funky".
What should Fred's uncle do? A simple "Get lost!" to the 3Ms should do the trick and he can deal with Fred (down with Funky! Now!) in the morning. However, it's not that simple, is it? There's a faint thought in his mind, barely registering thanks to the throbbing headache caused by The Friday Night Party People showing up at his doorstep in the middle of the night. Perhaps his businesses, and wealth are tied to the 3Ms fortunes.
Sam is huge. HUUGE. He has borrowings from the 3Ms. He also has borrowings from distant shores. The distant shores like GeeWizLand. Its a nice town of superstars that always have money. Now, unfortunately due to the Winepubs and the Howsers, the 3Ms don't have money. And the superstars don't have any money to spend because 3Ms aren't giving them any.
Oh and btw, somehow, folks outside GeeWizLand aren't buying Superstars anymore. The Superstars will find a way, but for now, they really have no money.
Sam's businesses, even stable businesses like EyeRuS (How much emptier can you pocket be today? Trademark EyeRuS), are now hurting because Superstars have no money.
Distant Shores (TM, The Distant Shores Syndicate) has a little camera behind a Curtain in Sam's House. It is watching Sam. What will Sam do? Can Distant Shores' members continue lending to Sam the same way they used to? Perhaps distant shores ("More Than That Syndicate") have no options either, just like Sam.
What does all of this mean? This looks like one big snake biting off its own tail! This may also look like something that GeeWizLand and distant shores may have to weather together. For how long? A year? A decade? A generation?
GeeWizLand knows little about distant shores. Those who do know about distant shores tend to go break a leg in Timbucktu. Distant shores think they know GeeWizLand and its Superstars, but that's an illusion as well. However, everyone has a sinking feeling that even if it is for a little bit- with faith in Superstars and everything- everyone is in it together.
What do you think?
Notes, the strange loop version:
1> This writing (Novella, as some readers have called it) is a slightly modified version of an extempore email sent out on July 12 to a MENSA message board to explain, in layman's terms, what was going on in the financial sector at that point of time.
2> This is an incredibly painful time for the financial services industry, the US economy and global economies. This article is just an abstraction. Its a starting point for readers to explore market structure and think analytically about decision making. If this encourages you to build complex models that tie in macroeconomics, consumer behavior and game theory, please drop me a line. We should talk.
3> A lot has happened since July 12. If you have read the story before-I will reemphasize that its not over yet. The article is structured so that you challenge every paragraph and analytically dig into the details. Your comments are welcome and critical.
4> Many thanks to Prof. Rosensweig for teaching.
5> I remember telling someone in a different context (the energy crisis) that if I could fix the problem tomorrow, I would do it. I really, really, really would like to. I can't. I can, however, do my best to learn. "We shall overcome!"
The first 5 points of the notes are at end of the novella below.
6> Characters below bear no resemblance... oh, go on and read it for yourself.
The Anatomy of a Financial Crisis, Or,
Good Times, Bad Times (With Apologies to Led Zep)
Minnie, Manny and Moe are bankers in GeeWizLand. They like to lend folks money so that folks can take fun vacations and create a global economy. The 3Ms have been doing this for ages, and they like to lend money to a certain set of people, like Paris Heelton and Britney Spurs, with the odd movie star like Ms. Jolee thrown in.
Funky Fred comes along and tells the 3 Ms that he will be happy to guarantee these vacation loans for a small fee. Given the uncertainty over Paris' Jail time and Britney's asylum ambitions, this sounds like a good idea to the 3 Ms. Funky Fred also decides the he could lend to the 3 Ms. Moe is totally on board with Funky Fred on this. Ms. Winepub showed up at Moe's very ornate door seeking money for a rehab vacation, and Funky Fred's loan would help Moe lend a helping hand to Ms. Winepub.
Times are good. The 3 Ms meet at the 3Ms Factory every Friday night to gorge on Cheesecake and are happy to invite Funky Fred to the party. On one of these evenings, Funky Fred comes up with another innovative, brilliant idea. He will not only allow ordinary folks to become shareholders in his company Fred Smarts, but he will also borrow. There are only 3 bankers in GeeWizLand. The 3 Ms. Funky Fred points out that the smart and funky thing about this borrowing is that he will pick and choose loans, label them 3 As and let Minnie, Manny and Moe choose to lend against the 3 As.
Minnie, Manny and Moe look at each other, and like the idea. After all, Funky Fred is the smart guy running Fred Smarts. He is guaranteeing their loans. He is also a lender and has some insight into the loans business. Minne is thinking she will get to lend against the 3 As in Moe's bag- she had been eyeing superstar Winepub's rehab vacation deal that Moe pulled off. So, they begin to hammer out the idea over more Cheesecake. Funky Fred totally connects with Minnie when he mentions that he thought Ms. Winepub was such a good bet, he lent her money for her second rehab vacation. With the cha-ching at the opening of Pink Floyd's Money ringing in their ears, Funky Fred and Moe exchange high fives. Manny being Manny, throws a plate of cheesecake up in the air, high fives a cute hanger on, and then tosses it over to Funky Fred. Finally, to close the deal, Funky Fred announces, "Folks, I think this is the beginning of a beautiful friendship".
Sweet!
Of course, the 3Ms are not supposed to be thinking about Funky Fred's uncle. Sam. Sam is the Warren Buffet of GeeWizLand. Fred has always been careful to tell them that Sam's a great guy and everything, but Sam and he have no business dealings, and that Sam minds his own business. Anyhow, the 3 Ms think it can't hurt to have Sam for an Uncle.
So, times are good. With all the fees Minnie, Manny Moe and Fred are making, the innovative Friday night cheesecake parties at the 3 Ms Factory are the toast of GeeWizLand.
Along comes Boogie Howser, NPH. Brilliant guy. He wants to take a year long sabbatical- he wishes to go sailing around the world. He intends to use the money from his consulting gigs, playing doctor sans frontiers, mais avec un bateau, at his stopovers to pay the interest on the loan while he is away. Moe likes Boogie. Boogie's past record as GeeWizLand's superdoc is unbeatable. Moe thinks this loan is do-able and happily loans Boogie the money. Moe thinks Boogie is not just Type A, he is Type 3A and labels him as such (AAA). Same goes for the loan- now 3A (TM). Plus, times are good, aren't they?
Now, Boogie breaks a leg at a stopover in Timbucktu. He treats folks who cannot really pay much. He misses a payment, and then some. Ms. Winepub treats her rehab vacation like a vacation, her concerts bomb, and her second album completely bombs. Ms. Winepub is a gem of a person. She will repay her loan. Fred and the 3 Ms think she will too. She's a rockstar and a gem of a person. Really. However, for now she missed a payment and then some.
Moe realizes he is in trouble. Even if its only for now. First there was Boogie, a customer he had not dealt with previously, and now Ms. Winepub was tottering as well. All superstars, each one a gem of a person. Moe suddenly has no money to lend because he is not getting any money in. In fact, Moe may not be able to make his payments on the money he has borrowed.
Funky Fred and Moe have a quiet chat at their Cheesecake Party. Funky Fred realizes he is in trouble too, just like Moe. First there was Ms. Winepub. Now, he has to stand by his guaranty for Moe.
Funky Fred has no money. Not to lend. Not even to make payments to Minne and Manny who were counting on his funky 3 As. Minne and Manny haven't heard about Ms. Winepub's financial mess. They couldn't. To them, she had become one of the funky Type 3As- Not Just a Number, But a TLA (Trademark, Funky Fred). In any case, Minnie and Manny soon realize they are in trouble as well. Funky Fred can't pay them. Now, Minne and Manny can't lend. Maybe they wouldn't be able to make payments in the future either.
The 3 Ms realize that old methods like throwing cheesecake at each other to sort matters out would not work. True to their reputation, the 3 Ms will have to innovate yet again. Minnie, Manny and Moe now step out of their party and head over to Fred's Uncle's- Sam's- place.
Sleepy Sam is awakened by a 3 AM knock at his door and finds Minnie, Manny and Moe looking at him. Sam, a little drowsy, begins to think about why he should bother with the 3Ms. Really. Minnie, Manny and Moe dug their own grave. Then there was Funky Fred, who was always too smart for his own good. Who goes about calling himself Funky Fred? He is not sure if its the sleeping pills reacting with his face cream, but his mind plays a phantasmagoric reel of Young Sam punishing little Funky Fred for making too much money at his lemonade stand by spanking him and getting him to drop Funky from his name for the next school year. The reel ends abruptly with Funky Fred negotiating with the immortal line, "Funky by any other name... is still Funky".
What should Fred's uncle do? A simple "Get lost!" to the 3Ms should do the trick and he can deal with Fred (down with Funky! Now!) in the morning. However, it's not that simple, is it? There's a faint thought in his mind, barely registering thanks to the throbbing headache caused by The Friday Night Party People showing up at his doorstep in the middle of the night. Perhaps his businesses, and wealth are tied to the 3Ms fortunes.
Sam is huge. HUUGE. He has borrowings from the 3Ms. He also has borrowings from distant shores. The distant shores like GeeWizLand. Its a nice town of superstars that always have money. Now, unfortunately due to the Winepubs and the Howsers, the 3Ms don't have money. And the superstars don't have any money to spend because 3Ms aren't giving them any.
Oh and btw, somehow, folks outside GeeWizLand aren't buying Superstars anymore. The Superstars will find a way, but for now, they really have no money.
Sam's businesses, even stable businesses like EyeRuS (How much emptier can you pocket be today? Trademark EyeRuS), are now hurting because Superstars have no money.
Distant Shores (TM, The Distant Shores Syndicate) has a little camera behind a Curtain in Sam's House. It is watching Sam. What will Sam do? Can Distant Shores' members continue lending to Sam the same way they used to? Perhaps distant shores ("More Than That Syndicate") have no options either, just like Sam.
What does all of this mean? This looks like one big snake biting off its own tail! This may also look like something that GeeWizLand and distant shores may have to weather together. For how long? A year? A decade? A generation?
GeeWizLand knows little about distant shores. Those who do know about distant shores tend to go break a leg in Timbucktu. Distant shores think they know GeeWizLand and its Superstars, but that's an illusion as well. However, everyone has a sinking feeling that even if it is for a little bit- with faith in Superstars and everything- everyone is in it together.
What do you think?
Notes, the strange loop version:
1> This writing (Novella, as some readers have called it) is a slightly modified version of an extempore email sent out on July 12 to a MENSA message board to explain, in layman's terms, what was going on in the financial sector at that point of time.
2> This is an incredibly painful time for the financial services industry, the US economy and global economies. This article is just an abstraction. Its a starting point for readers to explore market structure and think analytically about decision making. If this encourages you to build complex models that tie in macroeconomics, consumer behavior and game theory, please drop me a line. We should talk.
3> A lot has happened since July 12. If you have read the story before-I will reemphasize that its not over yet. The article is structured so that you challenge every paragraph and analytically dig into the details. Your comments are welcome and critical.
4> Many thanks to Prof. Rosensweig for teaching.
5> I remember telling someone in a different context (the energy crisis) that if I could fix the problem tomorrow, I would do it. I really, really, really would like to. I can't. I can, however, do my best to learn. "We shall overcome!"
Sunday, March 02, 2008
Blast from the past: Other TATA products? A.k.a. And you thought Indian IT was getting hammered?
I had been reading articles about how Indian IT is getting hammered, so I had to send this one out. Its a blast from the past for me.
This note would be useful to folks interested in product management for the B2B space, as well as useful to folks tracking emerging markets, the banking sector, the business process consulting segment in IT consulting, and finally the IT sector as a whole.
This is about trends in Universal Banking, the corresponding impact on Financial Services Technology products and also about a little bit of nostalgia.
Yours truly was involved in product development and management of important components (core banking and trade) of the portfolio of products below. You could probably find an IDC report about how it all started, though this insider would disagree with some details in it. :-)
TCS BaNCS Recognized as #2 Universal Banking Solution in the 2007 IBS Sales League Table:
1> http://www.forbes.com/prnewswire/feeds/prnewswire/2008/02/29/prnewswire200802290830PR_NEWS_USPR_____LAF007.html
2> http://www.foxbusiness.com/markets/industries/technology/article/tcs-bancs-recognized-2-universal-banking-solution-2007-ibs-sales-league-table_501179_12.html
3> http://www.techweb.com/showPressRelease.jhtml?articleID=X678164
TCS BaNCS Core Banking ranked China's No. 1 Core Banking Solution in 2006:
1> http://www.myguides.com/guide/news/2007/Jul/31/TCS_B%CE%B1NCS_Core_Banking_ranked_China%E2%80%99s_No._1_Core_Banking_Solution_in_2006_by_Independent_Research_firm.html
Now, I would like to find that IDC report on how it all started. Any pointers?
This note would be useful to folks interested in product management for the B2B space, as well as useful to folks tracking emerging markets, the banking sector, the business process consulting segment in IT consulting, and finally the IT sector as a whole.
This is about trends in Universal Banking, the corresponding impact on Financial Services Technology products and also about a little bit of nostalgia.
Yours truly was involved in product development and management of important components (core banking and trade) of the portfolio of products below. You could probably find an IDC report about how it all started, though this insider would disagree with some details in it. :-)
TCS BaNCS Recognized as #2 Universal Banking Solution in the 2007 IBS Sales League Table:
1> http://www.forbes.com/prnewswire/feeds/prnewswire/2008/02/29/prnewswire200802290830PR_NEWS_USPR_____LAF007.html
2> http://www.foxbusiness.com/markets/industries/technology/article/tcs-bancs-recognized-2-universal-banking-solution-2007-ibs-sales-league-table_501179_12.html
3> http://www.techweb.com/showPressRelease.jhtml?articleID=X678164
TCS BaNCS Core Banking ranked China's No. 1 Core Banking Solution in 2006:
1> http://www.myguides.com/guide/news/2007/Jul/31/TCS_B%CE%B1NCS_Core_Banking_ranked_China%E2%80%99s_No._1_Core_Banking_Solution_in_2006_by_Independent_Research_firm.html
Now, I would like to find that IDC report on how it all started. Any pointers?
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