The Financial Brand reported the results from an annual survey of banks to understand where their priorities are shifting for the short-term. Globally, there is a greater focus on investment in technology and less on compliance:
In the eighth installment of the annual banking survey from Temenos in association with Capgemini, entitled ‘Shifting Sands: Banking in the Digital Era‘, the primary takeaway is the significant change in the industry’s priorities from a focus on responding to regulations and compliance to a greater emphasis on building a ‘digital bank’.
Although it is difficult to believe that compliance issues and regulatory concerns will be ignored, modernizing technical platforms and remaining current with product development is becoming increasingly urgent.
Ben Robinson, Chief Strategy & Marketing Officer at Temenos, commented, “As the burden of new regulation diminishes, banks are concentrating on readying themselves for a more digital world, characterised by lower customer loyalty and new, multiform competitors. What is encouraging is the extent to which banks are making the right moves, investing in acquiring the right talent, upgrading their distribution channels and replacing their ageing IT infrastructure. Technology modernization, especially in areas like core banking and analytics, is essential to delivering richer and more personalised banking
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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