Morgan Stanley’s Budapest office began as a mathematical modeling team of 30 people in 2006 and has since grown into an important technology and analysis center employing 2,200 highly qualified staff over the past 15 years.
Building on the experience of its IT staff working in its Budapest office, Morgan Stanley decided to set up a knowledge center here to accelerate automation at the bank.
The goal is for employees to develop their digital skills and take an active role in creating automated solutions for their routine tasks, improving their own performance and thus making the entire company more efficient, the company said in a statement.
In the banking sector, speed, reliability and security are mandatory competencies and thus two of the most important success factors for technological excellence. As one of the world’s leading financial institutions, Morgan Stanley’s strength lies not only in its relationships with its customers, but also in the close collaboration between its IT and finance departments. Automation increases the efficiency of the company, reduces human error, streamlines costs, and allows employees to focus on solving more creative tasks.
Morgan Stanley has grown its technology capabilities in Budapest with significant investments. The Budapest headquarters has also played a leading role in many automation processes and endeavors, so it was an obvious decision to build our new knowledge center here, said Sigal Zarmi, Morgan Stanley’s International Chief Information Officer.
The new unit will focus on solutions that require little or no programming knowledge but rely heavily on staff’s knowledge in their field to provide ideas for automating more routine parts of their work.
Morgan Stanley is expanding its local teams dealing with emerging technologies to map the pioneering technologies available in the market; it also has an innovation program focused on topics such as “design-based thinking” (to bridge the gap between business and technology thinking with a user-friendly approach), finding problems, proposing ideas, and implementing well-functioning solutions.