“We are doing this because it’s critically important for us to feed back to our clients real-time. 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 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 .