EVOLUTION OF BANKING

DELIVERING CHANGE
Legacy
Systems
Offshoring
Mandatory
change
Integrity
and security
Biggest
constraint
on business
Help or
hindrance
Cost of
staying in
business
Trust on
every level
Bespoke vs.
standard?
Have IT costs
really reduced?
Bespoke vs.
standard?
Minimum
expectation
The Influence of Technology
Society’s willingness to embrace technology has never been higher. A range
of affordable and readily accessible mobile and cloud technologies have led
to changes in consumer behaviour and expectations. Technology has already
redefined the music and book industry, resulting in completely new business
models for accessing and consuming these media.
Changes in consumer expectations represent a growth opportunity within
financial services because technology enables credit providers to push their
customer relationships in new directions. Financial services and technology
are inextricably linked, with the very essence of their provision – from balances,
transactions and customer information – existing in the service provider’s
data centre. The use of new technologies will deliver a multichannel consumer
experience and enable financial institutions to enhance their customer
engagement strategy.
More than ever before, technology is shaping the next evolution in the industry,
whilst also constraining its progress. Redefining how technology is utilised over
the coming years will be key to success. This is a decision beyond just the CTO,
but one for the Board, investors and customers.
Supporting
innovation
Speed
matters
Better is
better than
best!
The Evolution of Banking and Financial Services | 31