Adapting to the new normal: ‘Open Banking’

At a time when brand loyalty is becoming a thing of the past, banks know they have to continually innovate in order to stay relevant to their customers.

Across the world financial institutions understand the importance of implementing digital technologies to continue to meet and exceed the expectations of their customers. However, the pace at which banks are making the switch to digital is not quick enough.

The reason why the adoption of digital services has lagged behind is not due to a lack of appetite or vision within the industry. The majority of banks are currently facing difficulties in making changes to their IT processes, while ensuring a consistent customer experience. The recent Lloyds TSB systems outage has highlighted the challenges associated with the current IT infrastructure, and the need to rapidly bridge old and new systems.

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