Service software engineering for innovative infrastructure for global financial services

Abstract

The recent financial crisis motivates our re-thinking of the engineering principles for service software and infrastructures intended to create business value in vital sectors. Existing monolithic, inwarddirected, cost insensitive and highly regulated technical and organizational infrastructures for financial services make it difficult for the domain to benefit from opportunities offered by new computing models such as cloud computing, software as a service, hardware as a service, and utility computing. The scale and global impact of the recent financial and economic crisis justify our domain focus to explore, from a service software engineering perspective, potential for increased uptake of “software as a service” in financial services as well as extrapolating our results to services in other vital domains. We describe in this paper an on going research agenda to develop service software engineering (SSE) for Innovative Global Infrastructure for Financial Services. We propose novel service software engineering involving a coherent blend of domain knowledge, policy modelling, social, cultural, and global factors with converged IT, telecom and media. Parts of this paper are based on an European Union Framework Program FP7 ICT call 5 proposal addressing challenge 1- Objective 1.2 - Service/Software Engineering methods and tools.