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Riding the waves of technology change – what’s past, now and next?


by Jeremy Hurwitz
Managing Director

Jeremy Hurwitz, Managing Director at Elgin White

Every 10 to 15 years we see seismic shifts in the FinTech operating platforms, underlying technological components, and skill sets required to ensure operational effectiveness and business continuity. The next wave that we all need to prepare for has already started. 

The Mainframe to Mini to Micro Wave

Like most industry old-timers I can “tech-carbon-date” myself back to the first big wave in the ‘80s – Mainframe to Mini to Micro Wave – as distributed networking, PCs, and LANs democratized and distributed desktop computing. This officially marked the death of mainframe computing as we knew it.

The 2000s Dot.Com Wave

The big 2000s Dot.Com Wave hit next, with a combo of open DBMs, and the shift from local networks to Global WWW leveraging internet computing. Surviving this wave meant major rewrites from fat clients and resurfacing with new thin-client UXs, Web-based tools/languages, and web-enabled DBS.

The Outsourcing Wave

These tech platform shifts facilitated the next Outsourcing Wave, which dominated the next 5 to 10 years and brought with it massive shifts to offshoring, as well as options for a wide range of managed services – XaaS – Anything-and-Everything-as-a-Service.

Today’s Journey-to-the-Cloud Wave

Now, vendors and service providers are in the midst of the current and daunting Journey-to-Cloud Wave, which has evolved from private to hybrid, and now into massive elastic hyper-scale public clouds. As seasoned FinTech consultants, we at Elgin White have carefully observed industry legacy players facing up to these seismic migration challenges. We have partnered with the new disruptors who are legacy baggage-free and are leapfrogging into the market.

Each wave has dramatically changed the vendor and service provider landscape. New leaders have emerged, while legacies often stagnate. We have witnessed pure, archetypal Darwinian battles play out; adapt or die.

The Fast-approaching Cosmic AI Wave

We all need to prepare for the next FinTech Cosmic AI Wave, which will harness the power of Hyper Scale Deep Learning Clouds, Open AI, Predictive Models, Heuristic Behavioral Sciences and Machine Intelligent NLGs (Natural Language Generations) that have the potential to structurally disrupt the entire Trading and Asset Management markets.  

At Elgin White (and previously during my 25 years at InvestTech), we have lived these journeys and partnered with new players and old survivors alike. We get deep into their strategy, technology stack, skills capabilities, and their financial commitments. By assessing these vendor transformation journeys we are ideally positioned to guide our consultants and clients on how to de-risk, optimize, and future-proof their Target Operating Models. 

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Jeremy Hurwitz

Managing Director - North America

Based in Los Angeles, California, Jeremy founded InvestTech Systems Consulting LLC in 1990. As President and Director the Enterprise Data Management and Architecture Practice for more than 25 years he managed over 50 large investment technology, strategy, and implementation projects for many of the largest global investment management firms. Following the acquisition of his firm by Accenture in 2017, Jeremy remained as Managing Director, Asset Management Lead.

Jeremy joined Elgin White in 2022 to lead the firm’s launch into North America. He is recognized throughout the North America asset management community as a thought leader and innovation architect in the design of enterprise data, analytics, and reporting platforms. His deep knowledge, broad buy-side network, and extensive experience deploying business-outcome-focused technology solutions successfully has accelerated the growth of Elgin White in North America.

Stanley Drasky

Managing Director

Stan joined Elgin White in 2020 following an impressive 30-year career working predominantly for world-class buy-side financial services firms in North America and Europe. He is a renowned buy-side technology leader with a reputation for designing and delivering large-scale transformation initiatives at scale and pace. Currently, Stan is especially active leading infrastructure (cloud and managed services) transformation projects.

His most recent roles prior to Elgin White include Chief Information Officer (EMEA) at State Street and various senior positions during his eight-year tenure at Northern Trust Corporation, including Head of IT & EMEA/Global Director of Fund Administration Technology, Global Director of Asset Management Technology, and Director of Trade Execution Technologies. Stan has also held senior Operational and Technology roles at Nuveen Investments and BNY Mellon.

Throughout his career Stan has been a strategic client or partner of every major front-to-back office technology vendor including SimCorp and Charles River Development.

Erik Schutte

Managing Director

Erik founded Elgin White’s consultancy practice in 2019, which transitioned the firm into a full-service buy-side consultancy and resourcing business. He is an experienced front-to-back business transformation professional and has held several senior management positions during his more than 30-year career in the UK and his native Netherlands, as well as Asia Pacific.

Previous roles include Head of Professional Services at SimCorp, Director at PwC UK, and Managing Director for Wealth & Asset Management Services at Accenture UK & Ireland.