THREE BARRIERS TO BANKING INNOVATION
TESTING DELAYS AND STIFLED EXPERIMENTATION: 82 % want a safe and costeffective way to experiment and test products.
COMPLIANCE RED TAPE AND RISK-AVERSE CULTURE: 71 % think innovation is impossible when risk-averse culture and red tape kill experimentation.
RESTRICTIVE CORE BANKING TECHNOLOGY: 65 % say their outdated core banking technology is a competitive deadweight.
Source: Test More, Fear Less: The case for Safer, Smarter Banking Innovation – SaaScada like transactions as unstructured data, and there’ s a real wealth of knowledge there as we move in the era of agentic AI, agentic banking and machine learning,” says Nelson.
“ The APIs we provide to our customers are built on that unstructured data, but we can also base things like management and regulatory reports on the data,” he adds.“ That’ s incredibly powerful for banks, and also a big driver of innovation. Anyone that’ s doing anything exciting or new, it’ s all data driven.”
The need to innovate won’ t slow down for banks. SaaScada’ s research reveals that pressure grows, spurred by customer demand, competitive threats from new players, economic uncertainty and customer retention challenges.
“ There’ s a few things banks can do,” says Nelson.“ Culturally, there needs to be a move away from internal siloed structures in order to be more agile and innovative. Building cross-functional teams will help do that. The technology side can’ t be fixed overnight, but I’ d encourage all banks and financial organisations to seek out companies like ours offering new approaches and build, test and try out. Do that and you’ ll see how agile your business can really be.”
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