Modernising UK banks

Friday 4th March 2016
Competition for Bitcoin with Ethereum. Next digital contender?

As Bitcoin hits a capacity limit that could hamper dreams of it becoming widely used but Ethereum emerges "price of Ether shot past benchmark levels..and Ethereum's market cap is now well above 10% of Bitcoin's" the banking industry has many analysts watching how major institutions plan to adapt to consumers anytime demand for access to services. Banks’ future successes will hinge on how well they can integrate digital technology to handle volume and compete against innovative new startups.

A June report by  BBA and consultancy Ernst & Young show that Internet banking services in the UK receive nearly 10 million log-ins per day, raising the pressure on banks to findways to modernise their operations and provide full-featured online services.  Newcomers Atom, Starling and Cognizant  are probably only a first wave.

Nitin Rakesh, (right) CEO and President of Syntel, observed: “Today’s customers are tech savvy and ‘always connected,’ demanding anytime access to banking services. The key is for banks to adapt and digitise their services to give consumers the freedom to manage their finances with secure, seamless and scalable technology platforms.”

As  consumers increasingly choose to control their finances digitally, the institutions are scrambling to replace siloed legacy technology with integrated online and offline services.

Rakesh’s company, global IT and business approach provider Syntel, is offering a suite of services to manage, migrate and modernise banks’ back-end systems. This creates a more agile and efficient technology infrastructure that can blend legacy business with disruptive digital innovations and compete with start-ups and rivals.

“Digital modernisation will enable banks to integrate the front end applications like the user experience layer added to  their core banking platforms,” said Rakesh. “The result is that consumers can seamlessly access a rich set of services, and institutions will be able to close the gap between the experience they provide and the expectations of Digital Native (or should that be naive?) consumers.”

"The challenges upgrading core banking systems are well documented, and  inexpert migration attempt can include system failures and substantial fines. Large-scale modernisation projects scale can seem daunting, since there is a perceived risk in transforming the delivery model,” Rakesh adds.    “To enable a smooth transition, banks need a partner with the expertise to help them transform their traditional banking services to a new digital model and deliver improved technology solutions to meet their customers’ needs.”

He continues: “For banks to remain competitive, they cannot rely heavily on ageing legacy systems. New players are entering the market with some very smart technology and banks must respond or risk losing their edge.”f

“By selecting a technology partner with deep domain knowledge and rich technology skills, banks can manage the process effectively and will be well positioned to take advantage of the synergy between cutting edge technology and their decades of world-class financial experience.”

 

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