Category: Technology Systems and Software
Published: 18 June 2013
A vast quantity of technology is required to run a multi-national bank. When the financial crisis started in 2007 weaknesses in their IT infrastructure left banks vulnerable. This impacted on the decision-making process and the effective management of risk. These weaknesses were present because of the rapid growth seen in the boom years. New systems were rushed in as new services and products were offered which became fragmented and incompatible with each other. This has created an inefficient and costly IT infrastructure made up of many systems that communicate with each other poorly.
In order to overcome these vulnerabilities significant investments have to be made in efficient, cost-reducing, fully integrated operating systems and processes. This will ensure that banks are fully prepared to deal with increasing customer expectations, stricter regulations and a more competitive financial market.
This white paper reviews the current challenges facing the banking industry in IT infrastructure and risk management. It looks at how a bank can benefit and differentiate itself by implementing a strong technical core that is lean, flexible and integrates effectively with other systems. It will give you information necessary to initiate these important changes and gain the competitive edge.