TECHNOLOGY TRANSFORMATION

ple , customer feedback indicated that web services needed improvement , this area would likely become the next job for developers , but there would be no immediate call to innovate . Banks were of a mindset that focused on customer acquisition , which they achieved through existing proprietary offerings , rather than retention .

Today , increased competition has altered the landscape . Banks now recognise that they must adopt a more customer-centric approach – and today ’ s customer demands innovation .

Legacy core banking systems at the heart of banks ’ IT infrastructures are responsible for stifling innovation . Built and gradually updated using now outdated technologies and languages , these cumbersome monoliths are made up of hundreds of interconnected applications . The result of this

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— Eli Rosner Chief Product and Technology Officer , Finastra

JULY 2019