In this world nothing can be said to be certain, except death and taxes.” If Benjamin Franklin were alive in today’s post-financial crisis world, he might have added “compliance” to his statement.
Consumers today undoubtedly have high expectations. They now demand access to the products, services and information they desire and need anytime and anywhere.
Technology for technology’s sake has little value to an organization. An analytics engine alone cannot provide a company with useful insights if it is not fed relevant information.
Over the past four years, we’ve witnessed something in the banking industry that we have not seen in more than 100 years: the rise of smaller, niche banks that are ready to service a new breed of consumer known as the millennials.
News that Apple is upping its game in mobile payments serves as another reminder that traditional banks are increasingly under siege. Aside from managing a growing mountain of regulatory requirements and escalating margin pressures, financial institutions face the emergence of formidable competitors, often from companies in the retail and communications sectors that haven’t traditionally operated in this space.
It is hardly a secret that the IT infrastructures in many of Britain’s banks today are in poor health. Recent comments by Andrew Bailey, chief executive of the Prudential Regulation Authority recently took the discussion one step further, exposing the complex nature of current core banking systems and revealing that it may in fact be a false economy for banks to keep avoiding investment in new IT systems.