Adaptable Tools is enabling even frontline banking teams to leave the office and work from home through this crisis, thanks to the technology revolution of which we are a part.
As the pandemic muscles in on every facet of our lives, business continuity plans are coming of age, and the multi-scenario test runs are proving their worth.
Banks, in common with many other businesses, are sending their staff off to secondary sites and instructing them, wherever possible, to work from home.
Even 5 years ago, that would have been unthinkable. But today, thanks to a revolution in the approach to financial services technology, even frontline trading teams are mobile.
From Desktop to Web
Traditionally, all financial applications lived on desktops. That meant that in a scenario like the present one, there was very limited flexibility for staff who needed to be either in the office, or at a pre-defined location, with limits on the numbers that could work effectively away from the centre.
Architects and System Admins dreamed of a different, web-based, world, but felt in practical terms it was impossible.
Browser based applications offer two main benefits which feel highly relevant to a moment in time like the present.
Until recently, however, the functionality and performance gap between desktop applications and browser-based applications was simply too great – think Excel versus early versions of Google Sheets. So it was impossible to provide the UI needed in advanced banking scenarios via the web, for example to create a single ‘WorkStation’ application containing charts, blotters, RFQs, trade capture screens, reports, and so on.
In 2020, however, the efforts of a number of different FinTech innovators mean that these limitations have vanished. In different ways, OpenFin and Glue42 have each grabbed hold of the challenges and found creative ways to enable sophisticated browser-based applications with multiple advanced widgets supporting each other in real time, which work happily with the levels of advanced security required by banks.
And other firms are delivering those supporting widgets which turn the web experience into one that draws on all the medium’s capabilities to make the application experience superior even to the desktop.
Meanwhile at Adaptable Tools, our core data management product, AdapTable, has just been upgraded to offer even more comprehensive support for the flexible homeworking that the current situation requires.
Risks of Leadership Re-Paid
At the moment, only the most forward-thinking banks have started to migrate the UI of critical systems to the browser. Their willingness to take that leap forward looks likely to deliver them a whole set of new (and almost certainly unexpected) benefits over the coming weeks.
Their teams will feel the disruption least, and be able to relocate with minimum inconvenience in whatever numbers are required. And that is in addition to having permanent access to the best tools on the market today to do their jobs.
Danielle Nagler is CEO at Adaptable Tools. Book in to see AdapTable's support for homeworking for yourself.