The Morning Download: Goldman Sachs Tech Platform Borrows Business Model from Silicon ValleyBy Steve Rosenbush |
Good morning. Goldman Sachs Group Inc., facing financial pressure on its debt-trading desk, is using technology to develop new business models that take the bank in a far more open direction. Goldman, which once fiercely guarded the secrecy of its technology, is allowing rivals to sell their own investment products through a Goldman web app, much as Apple Inc. allows users to use apps from rivals such as Alphabet Inc.'s Google on their iPhones. The WSJ's Telis Demos and Liz Hoffman have the story. The company has been an aggressive adopter of new technology under CIO R. Martin Chavez. The new app, known as Simon, is part of a family of apps called Marquee, a play on the name of Goldman's CIO, the WSJ says. Goldman CEO Lloyd Blankfein said four years ago he wanted the company to become a low-cost provider of banking services, using technology to expand revenue that has been eroded by a new wave of regulation, according to the WSJ. The focus on the platform, in which outside developers create applications that form an ecosystem of companies, rivals, customers and partners in an ever-expanding supply chain, is key to business in the digital era. The concept, which emerged from Silicon Valley, is spreading deeper into the mainstream. Peter Sondergaard, director of research at Gartner Inc. last year told CIO Journal: "The battle for emerging ecosystems ... is going to be really interesting ... It is a battle between suppliers in an ecosystem ... vertical industries are being redefined as a result of this." How are platforms redefining your market and business? |
No comments:
Post a Comment