B
anks and building societies are under pressure from fintech
challengers, new regulations, changing customer habits and
competition from incumbents. Today's market runs on rapid
innovation, but many institutions lack the systems to keep up.
The choice is clear: migrate, or fall behind.
Banking is increasingly technology-led. Institutions now spend over $500bn
on technology and IT systems every year in an effort to remain relevant in a
rapidly developing consumer landscape.
• Mobile banking channel use increased by 20-50% during the early months of
the COVID-19 pandemic
• 71% of banking customers prefer multi-channel interactions and 25% want a
fully digitally-enabled private banking journey
• Mortgage revenues have dropped 15% over 10 years owing to low interest
rates and profit has dropped 60% over the past 10 years
Financial providers need to offer products and services that are aligned with
the way their consumers make real-world purchasing decisions. Success going
forward requires moving to future-ready systems that can deliver the agility,
flexibility and scalability required to remain competitive.
Here we examine how to de-risk that process and maximize ROI, as well
as looking at the case for system transformation, the challenges and risks
involved and examples of change in actions.
De-Risking
Banking Mortgage
System Migration
