Top 5 IT challenges in Banking
Today’s banks are facing the challenges of tightening budgets and continuous demands to reduce costs while handling the constant stream of new regulations. They are also under immense pressure to meet the increasingly complex demands of the real-time, digital customer. Technology is inevitably playing a core role in helping them address these issues. Below are a few IT challenges relevant to banking sector.
Disaster Recovery and Security Policies : Maintaining compliance and ensuring data protection are complicated and time consuming. Lack of complete visibility and control over every machine in the environment can be the root cause and it leads to compliance and security issues.
Lack of proper system integrator : Banks often fail to identify core banking transformations as a key strategic programs. Also, most of them try to replicate their age old practices.
Conduct Audits Quickly and Efficiently When Needed : Decisions about capacity, performance and bandwidth need to be made quickly and on the fly. At the same time, regulators constantly ask questions to ensure the organization is in compliance of dozens of regulations.
Sustainable funding, managing collateral & liquidity : Firms are investing their development dollars on cross product systems, trying to lower historical cost of complexity and of custom systems. Optimizing it has become critically important from a risk management point of view.
Rethinking the digital proposition and providing information clients really need : The economics of exchanges have changed, leading to some interesting conversations with clients about which major disruptions they can prepare for. This includes taking advantage of multi channel relationships with clients, cross selling products and maximizing client interaction with their portal by providing more content to those who need it most.