The Genesis 10 president gives his views on the future of e-commerce in the financial services industry.
This month, WS&T senior editor Robert Sales picked the brain of Harley Lippman, president and chief executive officer of Genesis 10, a software development and technology consulting firm specializing in e-commerce solutions. Lippman describes the work his firm is doing in the financial services arena, discusses the future of e-commerce on Wall Street and gives his thoughts on emerging technologies. He also addresses his role as a public director at the New York Mercantile Exchange.
Wall Street & Technology: Last year, NYMEX appointed you a public director of the exchange. What do you think you bring to the table in that role?
Harley Lippman: I think you need to ask the NYMEX executive committee. Seriously though, NYMEX knows that without technology and the right people, the exchange will not get where it needs to go. With an IT background, I can help them evaluate the technology/people needed to bring them into the future. As an entrepreneur, I hope I will be able to add value by being creative and thinking out of the box.
Wall Street & Technology: Genesis 10 is doing a lot of e-commerce software development and consulting work for Wall Street clients like Goldman Sachs, Merrill Lynch and J.P. Morgan. Can you describe, specifically, what type of work you are doing for some of these firms?
Harley Lippman: Genesis 10 consultants have done system development work for a blend of business-to-business and business-to-consumer e-commerce. For example, at one brokerage firm, Genesis consultants participated in the development of a system that provides the companys corporate and retail clients a full suite of corporate stock benefit services including, but not limited to, Stock Option Financing and Employee Stock Purchase Plans. These products are delivered to the clients in a seamless package that includes an Interactive Voice Response system and Internet/intranet capabilities. Our consultants developed the Internet/intranet portion, which manages portfolios for employee stock options. It allows the employees of the firms corporate customers, as well as internal employees, access to their stock options plans using a universal browser.
Our consultants are also involved in ... the Web-architecture planning for new e-commerce initiatives. This involves choosing which tools to use firm wide for new Web development, as well as developing what best practices to use to support new e-commerce business initiatives. In addition, Genesis 10 consultants are playing infrastructure support roles maintaining the backbone of e-commerce. Their responsibilities in that area include maintaining security and supporting the day-to-day Internet/intranet servers that host existing e-commerce sites.