Global banking outlook: 2013-14

Updating technology

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Instead of incremental fixes and add-ons, some banks are realizing that an enterprise-wide approach may be the only viable solution for complex technology issues.

Banks must deal with multiple stresses on their technology platforms:

  • End-of-life issues
  • Years of underinvestment
  • New regulations
  • Cybersecurity demands

Instead of incremental fixes and add-ons, some banks are realizing that an enterprise-wide approach may be the only viable solution. Although the upfront investment will be significant, this will be outweighed by much improved efficiency and organizational effectiveness.

We’re not sure how many banks will be bold enough to commit to such a program, but most should consider it.

Banks can also learn a lot from other industries, particularly retail, in regards to tracking and analyzing customer activity. Because banks collect large amounts of data in their normal course of business, this type of analysis will be relatively easy to achieve and should enable banks to provide highly targeted services.

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