OPPORTUNITIES FOR THE FINANCIAL INDUSTRY TO BE INNOVATIVE ARE NOT LIMITED. IN FACT, THE FINANCIAL INDUSTRY IS IN A PRIME POSITION FOR TECHNOLOGICAL INNOVATION. SO WHAT MAKES THE FINANCIAL INDUSTRY WELL-SUITED TO INNOVATION?
“The banking sector has strong financial resources that allow it to invest in continuous improvement,” commented Kareem Tawansi, CEO of software development provider, Solentive Software.
“Banks, in particular, have two main areas that offer opportunities for innovation. There is much that can be done in terms of replacing the cash-based portion of financial transactions in everyday life. Progression in this area will allow banks to offer added convenience to customers,” continued Kareem.
“Furthermore, banks are weighed down by legacy systems that are in need of replacement. These legacy systems need to be replaced with modern systems that are based on contemporary architecture. Modern systems will facilitate more meaningful customer experiences such as a single-view of all accounts and transactions. Such technological innovations will enable banks to offer competitive services to its customers,” concluded Kareem.