To remain competitive, traditional mid-sized banks need to adopt digital technologies that will strengthen their foundations
Rigid and monolithic treasury IT platforms hold banks back from realizing their business goals, whether that’s capital cost optimization, regulatory compliance or higher margins.
Banks that want to continue growing organically into the future need to consider how to reduce operational costs while acquiring a greater share of the available customer base.
Digitalization is therefore one of the key challenges for mid-sized banks. In order to keep up with customers as well as continuously growing regulatory frameworks, they have to adopt technologies such as cloud, software-as-a-service (SaaS), open application interfaces (APIs), big data and artificial intelligence (AI).
By definition, this will involve initiating large IT projects to realize transformation from legacy workflows and data management to more technologically advanced ones. Projects are resource heavy, both in terms of efforts and costs, and can introduce a high degree of risk.
