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IOOF sees microservices as competitive advantage

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IOOF’s “open architecture”, whereby it offers non-IOOF products and services, along with its microservices-focus approach to IT are key differentiators for the financial services firm, according to managing director Christopher Kelaher.
IOOF’s “open architecture”, whereby it offers non-IOOF products and services, along with its microservices-focus approach to IT are key differentiators for the financial services firm, according to managing director Christopher Kelaher.
For example, the open architecture approach allows IOOF to offer separately managed accounts (SMAs), managed discretionary accounts (MDAs), international equity functioning offers, as well as a choice of retailer insurers to its customers, Kelaher today told a first half results briefing.
The approach is being extended to the technology employed by IOOF to deliver financial advice. “We are now moving to create open architecture on advice technology via software and advice tools,” Kelaher said.
The managing director said IOOF is being “proactive” when it comes to fintech and robo-advice, with the firm engaging in alliance negotiations with a number of fintech companies.

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