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Technology is one of the biggest challenges for many businesses, but the challenges for financial institutions may be the greatest of all.
Technology is one of the biggest challenges for many businesses, but the challenges for financial institutions may be the greatest of all. Institutions hold vast amounts of data, including sensitive customer data which is a particular target for fraud and cyber attack, directly or indirectly. Most long-established institutions have multiple IT systems patched together as a result of historical acquisitions, and some of the programming underpinning these is very old, inflexible and fragile.
While data used to be an advantage, this may no longer hold true with advances in processing and the power of big data to gain new insights, but only if you have the right data and your systems allow you to use it in this way. Search engines and supermarkets may now be better able to analyse their customers’ behaviour than banks and insurers. And new generations of customers may now prefer to interact via an app rather than with a human.