A Tech Vendor View: Infosys
As longstanding providers of leading edge solutions to financial institutions technology vendors we would look at the Industry Sandbox initiative as a collaboration model with the FinTech ecosystem where the use cases would fall into one of the following 3 categories:
1. Stack Completion. A FinTech solution while solving a specific set of industry use cases might also help fill the missing piece in a vendor’s services stack thereby accelerating their time-to-market. The Salesforce ecosystem has proven that such partnerships can exist and an Industry Sandbox would be able to extend that to non-platform based modular solutions offered by other technology vendors. An open industry platform would enable both the entities to test and validate their fitment without the concern of any breach of intellectual property.
2. Validation Services. A technology vendor might also participate as a validator on behalf of its customer to assess the state of readiness or fitment of a FinTech solution. Besides fitment the technology vendor would also review the provisioning of safeguards to contain any consequences of failure and check overall security and soundness of the solution. The vendor would bring in knowledge of the customer’s legacy state of infrastructure and help bring to light execution challenges in the FinTech’s solution.
3. Wicked Industry Problems. Can an existing industry problem be addressed by new or emerging technologies? An Industry Sandbox could be a cost-effective way of undertaking hypothesis testing towards industry problems like KYC. Based on design and execution it could lead to emergence of early stage consensus on standards and protocols in the industry thereby fostering competition in the industry. An area like regulatory reporting would greatly benefit from early stage consensus on the data standards and data sets required by regulators across jurisdictions.
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