No economy can boom without a healthy mix of SMEs, but they are often left to fend for themselves when it comes to funding in times of crisis. SMEs have suffered outsized impact from COVID-19 but have not received corresponding loan consideration from big banks. How can this be turned around so that SMEs will not just survive but thrive?
The retail banking industry is undergoing a significant period of transformation. Changes in consumer behaviour, technological developments, and regulatory requirements, are all creating new demands. Consumers now want to open savings accounts in seconds, have a mortgage in minutes, and open a business account with one click.
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?