Given the competitive advantages of IT, banks’ investment in technology has always been strong. IT has also played a central role in less fortunate times. Since the global financial crisis, compliance with regulatory reforms has depended on introducing new trade and risk reporting systems.
Banks have been poorly positioned to respond to regulatory changes. Organizations have been forced to build new reporting systems on top of legacy architecture, compounding IT complexity and cost. Now, by combining new advances in cloud technology with emerging best practices in legacy decommissioning, banks could shrink their costs and create space for digital innovation.