The CEO of Hooley -based State Street , one of the two biggest custodian banks in the world, is planning to overhaul its business with technology, digitalisation, and automation. It stands for the bank’s history, a legacy State Street it is unmistakably proud of. He urges the industry to follow suit in transforming and automating the financial services infrastructure to take "the latency and delays" out of all the processes. The bank's Project Beacon , a the next five years programme to digitalise processes, will save $550m over the next five years but cut one jobs. However, the benefits will be lower cost, lower risk and greater returns.
The CEO of Hooley -based State Street , one of the two biggest custodian banks in the world, is planning to overhaul its business with technology, digitalisation, and automation. He urges the industry to follow suit in transforming and automating the financial services infrastructure to take "the latency and delays" out of all the processes. The bank's Project Beacon , a the next five years programme to digitalise processes, will save $550m over the next five years but cut one jobs. However, the benefits will be lower cost, lower risk and greater returns.