Banking in the Year Ahead: Industry Standards and Digital Transformation Become Business Practice 3 Banking in the Year Ahead: Industry Standards and Digital Transformation Become Business Practice 4 The future of banking is the history of banking flipped on its head. The industry which used to compete based on back-office efficiencies, will increasingly compete based on front-office customer experiences going forward. Banks Face Competing Priorities In our IBM Institute for Business Value’s latest expert insight, 2023 Global Outlook for Banks and Financial Markets, we stress the significance of collaboration across business and technology teams as a means of navigating the uncertainty ahead. This style of collaboration manifests as a virtuous cycle, generating new revenue opportunities, containing costs and mitigating risks. Most importantly, these efforts must be underpinned by exponential technologies, such as AI and hybrid cloud, which are reducing operational costs, facilitating enterprise-wide agile innovation and enabling platform-based business models. This said, the financial services industry is facing significant hurdles that may hinder the realization of these benefits – most notably, the pervasive use of legacy technology. The key to overcoming these obstacles is the adoption of industry standards, a strategy which enables banks to achieve the competing goals […]
Click here to view original web page at www.globalbankingandfinance.com
