In the digital era, businesses are no longer built around products and services, rather they are built around customers. This is becoming true for banks too, with traditional banking management systems and operating models increasingly inadequate and ill-prepared for the digital world. Many banks are now faced with the need to change their thinking and introduce a new business culture and operational changes.
The main obstacle to the introduction of digital strategies in banks, besides regulatory constraints and a lack of funding for digital initiatives, is the limitations of IT architecture and the complexity and relative sluggishness of current banking systems. In order to overcome this, banks are finding that they must use a fundamentally new IT platform with the most advanced information technologies. In installing these new platforms, however, the most successful banks are establishing them in parallel with their existing IT landscape. This allows for no interruptions with bank work while still allowing the bank to launch new products and services efficiently.
For banks, it is important that they act now, as market advantages are already being given to those that are working to adapt to the new business conditions of the digital era.