Allocating adequate funding is the essential starting point for any bank transformation or digitisation programme. Banks face a significant challenge: with the regulatory landscape constantly evolving and new mandates frequently issued by regulators, it becomes a constant balancing act. The reality is that many times the compliance requirements might take precedence over any transformation activities. However, to remain competitive, investment in technology is a must, being the key for internal infrastructure improvements to enhance client experience, create operational efficiencies, and enable the launch of new products or expansion into new jurisdictions.
The phrase ‘that’s not the way we do it here’ and its companion ‘this is the way we have always done it’ have ended many promising innovation initiatives
Many banks continue to operate on legacy systems that have only undergone incremental upgrades over time. As the world becomes more interconnected, cross-border transactions are being redefined, the trade finance space is experiencing a profound digital transformation, and data is at the core of every single transaction. To adapt, banks must establish a strong and resilient core infrastructure. Intellect Global Transaction Banking (iGTB) CEO, Manish Maakan, highlights that banks face another barrier: the high complexity of products and technology capabilities required.
“For
