11 May 2016 | Source: Finextra |
The digitalisation of retail, corporate and commercial banking is gathering pace, with all major financial services players formulating and executing digital strategies to better serve customer requirements and respond to the threat of technology-driven new entrants. Banks must tackle the digitalisation challenge against a backdrop of increasing regulation, a landscape beset by a growing cyber-threat and ongoing pressure to reduce operational costs. They must work out the way forward for their branches, online channels, sales and support activities and operational infrastructures. Delivering appealing digital front ends is only part of the story. Digitalisation requires an end-to-end reinvention of systems from front to back office to ensure the security, speed, capacity and flexibility on which modern digital banking operations depend.