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Banks and healthcare organizations seem to have a lot in common, with large consolidation (IDNs for health, big banks for finance) but a lot of community banks /small practice
Been looking a little at the parallels between fintech/banking and health tech/hospitals.
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Been looking a little at the parallels between fintech/banking and health tech/hospitals.
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When looking at software for main enterprises, I looked mostly at "core banking" as a parallel to the EHR. Would be interested in those who know more about this industry if that's correct.
In health, main enterprise software is dominated by several large companies (Epic, Cerner, Athena, Allscripts, Meditech)
In core banking, Fiserv, FIS and Jack Henry are the traditional three, with Finastra being newer.
In core banking, Fiserv, FIS and Jack Henry are the traditional three, with Finastra being newer.
A lot of the complaints about these softwares echo what we hear about EHRs. A lack of easy integration, not cloud enabled, difficult to migrate to new systems, poor support.
As a result, some small banks looking to stay innovative and competitive are switching to cloud startup alternatives (Nymbus, Neocova, Finxact, Technisys, Temenos, etc). Others face risk of consolidation with larger banks.
http://temenos.com/wp-content/uploads/2020/02/American-Banker-Why-Banks-Ditch-Legacy-Core-Vendors-2020-Feb-03.pdf
http://temenos.com/wp-content/uploads/2020/02/American-Banker-Why-Banks-Ditch-Legacy-Core-Vendors-2020-Feb-03.pdf
Sounds a lot like innovative telehealth, care coordination, DPC, etc looking at newer EHRs like @ElationHealth @drchrono @GoKareo hoping they offer a better experience there.
It sounds like the newest of the entrants of the "Big 4", Finastra, has been trying to pivot to a cloud platform approach, building less, but performing the core foundation for fintech companies to build on.
Reminds me of a lot of Athena MDP. https://www.digfingroup.com/finastra/
Reminds me of a lot of Athena MDP. https://www.digfingroup.com/finastra/
Another article on the topic: https://www.forbes.com/sites/tomgroenfeldt/2019/10/24/seattle-bank-is-ready-to-replace-fiserv-with-a-modern-core-banking-system-from-finastra/#5d6cd5ba13de
It's not super clear to me what the biggest players in banking use for core. I see some mention of Temenos in regards to JP Morgan and Finastra for US Bank, but overall, casual Googling didn't make it clear.
Maybe more homegrown software (different than health).
Maybe more homegrown software (different than health).
Looking at how these institutions share data - the Open Banking movement (pushing open APIs) closely parallels the growth of health APIs lately - SMART on FHIR, MU3 APIs, Cures.
Distinct difference - it started in EU and the USA actually lags / has less regulation promoting it.
Distinct difference - it started in EU and the USA actually lags / has less regulation promoting it.
Nice write-up on open banking here:
https://knowledge.fintecsystems.com/en/blog/the-history-of-open-banking
Open banking has had trickle-down effects in the US, but still a good amount of screenscraping and custom integrations, it seems.
https://knowledge.fintecsystems.com/en/blog/the-history-of-open-banking
Open banking has had trickle-down effects in the US, but still a good amount of screenscraping and custom integrations, it seems.
So I'll stop there with the metaphor for today to hear what people think about HCOs/banks and EHRs/core banking software, but still have some thoughts for the future on banking data aggregators and integration to cover.
