With the emergence of new instant payment systems and payment initiatives we see new ecosystems emerging, and as a result, both traditional financial institutions and non-financial firms are being pressed to consider their place in this new environment.
This new context demands agility of traditional FIs’ legacy systems which proves a challenge in and of itself. In efforts to avoid ‘big bang’ or ‘rip and replace’ style transitions for core banking structures, banks are leaning on the services offered by fintechs as a workaround to the new demands being made of them.
The responsibility to evolve doesn’t fall on one single player in the ecosystem. There is a symbiotic dynamic that requires multiple institutions to leverage their strengths and deliver products and services that cater to the ‘new normal’ of the digital and instant banking environment. As the push toward open finance moves up in priority, reliance on the cloud to evolve and transition will only grow.
As concerns around cloud-based banking fade to a figment of the past, competition within the new cloud-based environment is rising and means FIs must decide whether to extend their existing legacy systems, leverage the services of new products and players or build a strategy around both.
Though it is clear banks will continue wrestling with the need to transform their business digitally, there is consensus that avoiding the cloud is not an option. The pace and key objectives of this strategy may shape this path, alongside a recognition that while change may involve risk, the risk of failing to innovate and transition appropriately may be even greater.
Sign up for this Finextra webinar, in association with Persistent and AWS, to join the industry expert panel discussion on the following areas:
- How have new initiatives and contextual pressures reshaped the structure of banking services?
- How should technology providers or systems integrators help to facilitate the development of new instant ecosystems?
- How should FIs balance a risk-averse mentality with the progressive, partnership-driven approach taken by fintechs?
- Has cloud become a non-negotiable for digital transformation?
- How can FIs know they are launching their strategy at the right time?
- Gary Wright - Head of Research, Finextra [Moderator]
- Bipin Sahni - Chief Strategy Officer, Persistent Systems
- Joseph Seibert - Managing Group Director, Senior Vice President of Digital Asset Banking, Signature Bank
- Jason Maude - Chief Technology Advocate, Starling Bank
> Watch the webinar now