When it comes to technology innovation, customers today have had increasingly high expectations of organizations. Tech-savvy customers expect companies to provide technologies, tools, and solutions that meet, or are just just above, their skillsets, and enable them to set up solutions quickly respond to their dynamic requests. When it comes to mission-critical applications, enterprises are willing to make huge investments.
When organizations find a technology solution thatnot only works, but is easy to use, simple to implement, and well-received, there is a tendency to lean in on the solution. Next thing you know, it’s eight years later, your team is working in an antiquated system that bottlenecks processes and is costly to maintain. Investing in meaningful technology solutions is important, but it’s not a lifetime investment. Systems must be regularly updated, and software applications must be maintained.
Problematic Legacy Systems
Managing multiple legacy systems and environments can get complex pretty fast. Financial services organizations, in particular, are rife with siloed environments deployed throughout the business. Employees must manage multiple business lines and geographies, each with unique requirements. Many will find themselves dealing with duplicate systems brought in by acquisitions or siloed projects.
One may ask, what is the biggest challenge facing financial services firms? For most mid-market organizations, it’s getting things done on time using their current tools, which are frequently reactive and standalone. This challenge only increases with the sharp growth of cloud and digital requirements.
Yet, many organizations are overrun with legacy technology and obsolete processes. Business and operations needs may have evolved for some firms significantly. Installing and integrating new or upgraded systems will take time. So, what to do until then? How can emoloyees make the most of outdated systes while awaiting the new, shiny versions?
Make It or Break It
Many organizations are noticing that their efforts to evolve and meet new customer expectations are not yielding the desired results. They are tired of trying so hard to get nowhere. The answer could be in the technology that underpins their existing systems.
Are you confident that your technology will always be compatible with the emerging disruptions? Fintech—financial technology—solutions are designed to make life easier for business and customer. Fintech seeks to improve and automate the delivery and use of financial services. It is designed to ensure that organizations accelerate innovation across banking, insurance, asset management, and other financial sectors to meet their needs and integrate into just about any environment off the shelf.
Whether a firm wants to develop new applications, products, or business models, empower customers with 24/7 access to its services, or build better financial and regulatory systems, fintech is essential to the success of the modern financial services firm.
Across the financial services industry, people are talking about the potential of fintech when combined with powerful technologies like artificial intelligence (AI), machine learning (ML), big data and analytics, RPA, and blockchain. When all is said and done, however, the bells and whistles aren’t essential. A fintech implementation that is aligned with the organization’s requirements and delivers value quickly and reliably will easily meet a firm’s objectives for success.
Learn how Prime can step in to help with fintech. An expert in fintech and financial services, Prime helps organizations identify the challenges in implementing and building a strategic plan for end-to-end business processes to facilitate successful business transformation.