Morgan Stanley is trying to take measures so as to simplify the way it acquires any new technology from small companies so as to speed up the collaboration time and also to address the ever long running concerns by startups which arise due to working with big banks who are very often slow and over pricey.
The bank is taking steps to shorten the time consumed before the actual work with new vendors begins by broadening the opportunities provided to the executives for evaluating new tech products and by streamlining documentation.
The former information was announced by the Morgan Stanley’s and Shawn Melamed who are the head of the technology business department and the innovate office.
Melamed said that the bank earlier this week reduced a 20 page vendor agreement into one page thereby reducing the time taken in order to begin working together from three month to one single week.
A new portal has also been launched by the bank in order to test the new technology.
Melamed even added that they have tried to look for all possible ways to improve the overly complicated process and that this new plan will be beneficial for all and will help to save both time and money.
Entrepreneurs have said long ago that one of the biggest challenges that banks face now a days when selling to large institutions is the complex procurement process.
Banks as highly regulated entities, must make sure that the technologies and services provided by them are sturdy and reliable, and this demands for reams of forms and months of meetings.
Melamed says that as he had been the founder and CEO of a Fintech company he is well aware of the pains inflicted on the other side.
Source: Reuters, Economic Times
