More competitors than ever are offering core services on innovative digital platforms, whilst banks are trailing behind due to aging legacy systems.
With the banks’ reporting season underway, the banking sector is under pressure to cut costs and become more agile than ever before. Fierce competition from disruptive, innovative players, an ever-complex landscape of regulations, and more demands from digitally-savvy consumers are all putting pressure on traditional banks to transform their businesses.
While it is true that banks and credit unions had generally been slow to adapt to the ever-increasing wants and needs of their customers and members, some have seized the opportunity and ramped-up their digital banking solutions. And these financial institutions are not only large national banks, but also include regional and community banks and credit unions. In many cases, the time-to-market is now quite quick, because of strong partnerships between the FIs and their fintech suppliers that offer managed services and cloud mobile banking variants that can be rapidly deployed.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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