A Foundation to Innovate and Thrive
Changing demographics and trends point to younger audiences trusting tech companies with their money more than banks. This makes reimagining traditional approaches and providing digital services a high priority for banks seeking to achieve CEO’s top-line revenue growth and profitability goals.
Big banks have long recognized the competitive advantages of technology. Financial firms were early adopters of supercomputing, object-oriented programming, virtualization, and custom app development. That’s why the speed with which fintechs have emerged and disrupted every aspect of finance is not altogether surprising.
Digital services are the lifeblood of new up-start fintechs, yet traditional banks operating for hundreds of years can quickly be as well positioned—if not better positioned—to modernize banking because they have the foundational building blocks to achieve digital transformation. What’s imperative is that banks move quickly to evolve their decades-strong investments in robust infrastructure, adopting more modern platforms while extending services to every available endpoint.