Every architecture decision a CIO makes directly impacts their bank’s competitiveness and success. This is truer than ever as competition and disruption from agile, fast-moving players continues to increase and they scoop up customers who are eager to interact in new ways with their financial services providers.
The infrastructures on which the traditional financial services industry — and banks in particular — have been built aren’t holding up to this pressure. Their response? Single Threaded point solutions, and lots of them.
However, these aren’t solving problems for the long-term — or, arguably, even in the short-term. Rather, they’re exacerbating a growing architectural issue, adding to the inefficiency and lack of scalability of their IT environments. They’re also making it harder to get a clear, unified view of the whole estate. Instead, banks continue to accumulate technical debt, create integration headaches on a colossal scale, and ultimately fail to rise to the challenge that today’s financial services ecosystem demands.
Of course, banks have legacy infrastructure to consider. Abandoning these investments isn’t an option. But building alongside them using the cloud and new technology is. Banks need to consider how to bring together the operational domains of customer, application, infrastructure, and security. Through modernisation and automation — and combining the best of existing and new – they’ll be able to connect data silos, integrate systems, and enable real-time visibility to deliver improved services faster and more securely.
The bottom line is, banks’ CIOs need to do more than merely resource the next project. They should be working towards increased visibility on all levels to provide long-term resilience for their organizations and most importantly, their customers. And whether success means enabling their global workforces to work from home today, tomorrow, or next year — or upping the game when it comes to customer interactions — they’ll be able to do that, and more, underpinned by a modern infrastructure.
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