Recently there was a post in ComputerWeekly stating that Banks still handicapped by IT legacy, where they provided their findings about European financial institutions:
- “75% are still using outdated core banking systems, affecting their ability to accelerate growth.
- 80% said that outdated core banking systems were causing them to struggle to bring new products to market quickly.
- 75% face difficulties getting access to timely data, and close to two-thirds feel that existing systems do not support regulatory change.
- 55% are focusing on increasing wallet share within the existing client base, with only 20% trying to achieve growth through new customer acquisition.
- 79% said that the complexity of IT, combined with insufficient expertise within the business, was a major barrier to core system replacement.”
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