Against the backdrop of an increasingly digital world, banks are facing growing competition from non-traditional players such as fintechs and challenger banks. This has put greater emphasis on the need to innovate and transform while keeping an eye on the bottom line.
This research paper “Top Global Banking Technology Trends” commissioned by Virtusa and conducted by Finextra highlights key shifts in banks’ approach to their IT platforms, occurring over the last 18 months. The paper was generated with inputs from more than 100 banking executives in 25 countries across North America, Europe, and the Asia Pacific. Respondents included C-level executives, vice presidents, and directors from global banks, regional banks, and fintechs.
Some of the key findings from the study include:
- Digital customer experience (79%), innovation (45%), and cost reduction (46%) are the top priorities.
- 27% of respondents said that their institution has a mature API-enabled services program while 19% of respondents said they had a mature microservices program established.
- 37% of respondents said their mobile channel proposition is marketed under a different brand to other services.
- 36% of respondents said they are maintaining the number of branches but transforming them.
- 42% of respondents to the survey have adopted private cloud while only 6% have adopted public cloud solutions for critical applications.