Abstract
This chapter outlines the transaction lifecycle, all the processes surrounding a financial product transaction. It makes the case that the evolution of financial product types from the classic dichotomy between debt and equity to a risk continuum has put enormous stress on the core processes of a financial institution. The chapter also shows how this evolution has led to a corresponding variety in technologies and both content and software application product offerings that seek to address specific niches and to provide institutions with a specific edge. Application software in the financial industry represents an enormously fragmented market with many hundreds of participants. Competitive advantage in the financial industry is driven by the ability to process greater amounts of data faster than the competition into unique investment ideas and product strategies. Getting the matrix of information supply chain right across products and processes is what information and process management is all about and is a determining factor in competitive advantage. Access to information is a critical basis of competition between the various categories of players within the financial services industry.
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