The CEO of Boston - based State Street , one of the three biggest custodian banks in the world , is planning to overhaul its business with technology , digitalisation , and automation . He urges the industry to follow him in transforming and improving the financial services industry to take " the latency and delays " out of all the processes . The bank 's Digital Beacon , a multi - year programme to digitalise processes , will save $ 550 m over the next five years but create 7,000 jobs . However , the result will be lower cost , lower risk and greater returns .
The CEO of Boston-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 multi-year programme to digitalise processes, will save $550m over the next five years but cut 7,000 jobs. However, the benefits will be lower cost, lower risk and greater returns.