In 2018, MPs announced a planned inquiry into several major IT failures that plagued banks with various subsequent issues within their services. A Treasury Select Committee will look at how financial services companies deal with service disruption or stop it from happening altogether.
Mainframe computers have enabled banks to manage huge amounts of financial data for nearly 70 years, but these legacy systems are today proving to be hindrances to progress. Lean fintechs are taking full advantage of today’s ground-breaking, agile technology, while established banks are struggling to transform their bedrock digital infrastructure for the new world. How are banks migrating to cutting-edge systems that will maintain them on their industry’s frontlines?
Imagine you walk up to an ATM to withdraw cash, and it automatically recognises you. It knows all of your personal details and remembers the sort of transactions you usually complete
Traditional banks have a long history, which is good and bad—good because of well-established customer relationships; bad due to cumbersome legacy systems, some created in the days of analog, that struggle to adapt to the rapidly changing demands of the digital age. Like it or not, to keep up with customers and competitors, most banks have a lot more ground to cover.
Accountants have been given a bum rap (“boring”) over the years, considering all they have contributed by ensuring that even the minutest financial detail is accurate. Now robotic-process automation is offering these warriors a chance to break free from the routine and redundant so that they can soar to new heights.