regulation

Regulation is Leaving Little Room for Banks to Make Strategic Changes

Banking is the most heavily regulated industry in the world. There are 222 financial regulatory bodies globally and hundreds of internal standards in each bank to keep customers safe. The surprising amount of business change focused on regulatory requirements could be preventing growth and innovation. 84% of financial institutions say regulatory requirements are impeding their ability…

innovation

Startups Should Engage With Banks Through Their Innovation Functions

For Fintech startups, it can be very difficult to initiate a bilateral relationship with banks when approaching them cold. Accelerators and innovation functions play an important role in connecting fintechs with banks and provide a solid route to market for new companies trying to break into this area. Accelerators sponsored by banks are a great…

legacy systems

Legacy Systems are Ageing, but Are Not on the Path to Extinction

Legacy IT systems are a fact of life in banking. All established banks have significant dependencies on core legacy services and most banking services are likely to touch these legacy platforms at some point during the execution of standard end-to-end business processes. These legacy systems are elderly in technology terms, dating back twenty or even…

human orchestration

The Forgotten Importance of Human Orchestration

Financial services organisations are increasingly embracing the adoption of innovative technologies, including those that allow increased automation which can help to streamline and simplify parts of the banking value chain. Though automation can provide better and faster services with lower cost and risk, it cannot replace the need for people altogether. Human-led critical change events…

Regulation vs Innovation

Regulation vs. Innovation in Financial Services

Financial regulation is essential for protecting the banking industry and consumers. Since the financial crisis, regulation has played an even greater role in financial services. This has led to increased scrutiny of banks and the way they operate, putting them under increased pressure. It is essential that they can prove that they are adhering to…

embrace innovation

Banks Must Embrace Innovation to Reduce Risk

In the ‘third wave’ of Fintech, financial services are working more closely with fintechs and using them to outsource parts of their value chain, such as payments. Although this collaboration can be hugely beneficial for banks and their customers, it does raise the question of how security will be affected. The risk associated with cyber…

critical event failure

5 Ways to Avoid Critical IT Event Failure

Critical IT events are the primary enablers of essential business change. Events are at the heart of realising business benefits, whether rolling out new revenue-generating products and services, entering a new market, looking to reduce the cost and risk of existing services or satisfying the evolving needs of regulators. In this article, we look at…