It is not easy to be the Head of Operations or Chief Operating Officer at a Bank or Financial Institution today. Nor has it ever been, especially when you think that 20 years ago, we were still using cheques and fax to facilitate payments.
So much has changed since then - add-ons and layers upon layers of new functionality adding complexity into our operational systems. At a time where a multitude of ‘change requests’ are hitting desks, it is vital for decision-makers to take a step back and ask critical questions before they build, partner, or buy anything.
- How old are my legacy systems, and how are they impacting operational efficiency?
- Are they able to inter-operate between themselves and with new payment rails?
- What is the potential for scalability?
- What is the big picture and the optimum long-term strategy for digital payments
- transformation?
- What are the new regulatory priorities, and how are they driving domestic and
- international payments?
- How can fraud losses and issues with friction be mitigated?
- How can we protect our institutions and customers whilst driving innovation and
- operational efficiency to exceed expectations?
In our 2021 global research report,
The Future of Competitive Advantage in Payments & Banking, we gained insight into some of the key questions above.
The next two years will be critical, and ultimately, there will be some winners who are quick to adopt modernisation and those that risk attrition by being laggards. Ignoring the need for change is no longer an option where the ability to ‘connect, control, compete and comply’ is table-stakes.
Concurrently, opportunities abound to grow, increase operational efficiency, win new clients and enter new markets. There is a new vigour in the industry, motivated by innovative trends, compelling propositions, record levels of new investments from the venture capital & private equity houses and tough competition.
Who would have thought Operations in Banking and payments would become such a hot topic? However, operations and related efficiencies are moving at an unprecedented pace. This speed is even more remarkable given the digitisation of payments from the pandemic and customers’ demands to be ‘always-on’.
The good news is that there are so many whitepapers on the optimal ways to collaborate with Fintech’s, the most successful path to digital transformation and best practices for meeting customer expectations.
The problem is that with this abundance of thought leadership, how can you ensure that you choose the right advice on how to make the best choice for your institution that guarantees speed-to-market in an already busy roadmap?
Read the
whitepaper to learn more.
