The team responsible for helping Morgan Stanley work with tech companies has slashed its timelines from months to days.
Sean Manahan has helped Morgan Stanley make huge strides in how it partners with innovative tech firms.
As head of technology business development, Manahan is responsible for leading the team that sources and integrates tech vendors to drive change at the bank.
His group has become much more efficient while also doubling to 30 people in the past 5 years, he told Insider. Overall, the team slashed the matchmaking process – which includes due diligence and pilots – from months to days.
To drive that improvement, the team abides by three key tenets, according to Manahan: Do a lot of pre-work to identify internal business problems and find the tech firms that can best solve those issues, set the expectations early on about the bank’s compliance requirements and processes, and have a streamlined strategy for launching light-weight proof of concepts.
Ultimately, Manahan’s team has a lot of work to do: Morgan Stanley’s strategy for tech tools is about 80% buy and 20% build in-house.
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