The huge transformation we are seeing in the banking sector is unparalleled. Changing client demands are putting banks under pressure to provide solutions that help clients address entire processes. At the same time, digitisation in the banking sector has accelerated with the Covid-19 pandemic. Growing regulatory and competitive pressures are also taking their toll, and banks are increasingly facing cost contention as one of the
few options left to them.
In the face of these challenges and drivers, banks are seeking to make significant changes to gain market share and profitability, increase digitisation, boost collaboration with other organisations and increase internal efficiency. The realisation of all of these aims is highly dependent on technology.
As a result, banks must focus on a five-year IT transformation plan, including the modernisation or replacement of core banking. This must be based on six pillars: automation, speed and flexibility, modularity, being collaborative, user experience and cost contention. Changes must be made within the sphere of technology but also within the areas of organisation, operations and business.
