Technology: What not to buy

Many financial technologists will have fielded well-meaning questions from business colleagues about employing the latest IT trend. Equally, business leaders may have found themselves frustrated when technology appears to fall below the promise it offers. Banks need a way to put a toe in the water and determine if the temperature is right.

‘Hype’ can impair effective technology implementation, by setting expectations at the wrong level. The propensity to misjudge IT’s impact was captured in ‘Amara’s Law’, named after Roy Amara, the president of the American think tank ‘The Institute for the Future’. In the 1970s, he was known for the mantra:

“We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.

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