Banks face 2030 architecture overhaul to remain competitive

Banks are racing to outperform a flood of new competitors, keep up with shifting regulatory requirements, and satisfy rising customer expectations. Yet few have the core technology required to meet those aspirations. Most remain locked in legacy architectures that stifle innovation, shackle agility, and drive up costs.

Nearly half the banking executives polled at a recent Qorus online event believe their organizations will have to overhaul their technology architectures to be competitive in the 2030s. Just 25% are confident they will only have to upgrade their current architectures.

Banks don’t just need to modernize their technology architectures. They need to modernize quickly, says Jan Uriga, Qorus senior advisor and moderator at the online event.

“Institutions are still relying on architecture that was designed for a very different era. There is a growing gap between what the business needs and what the technology can deliver.”

Unless they move quickly, many incumbent banks will be overtaken by more nimble competitors with modern technology platforms that can deliver engaging banking experiences and products at much lower costs.

Hosted by Qorus and Infosys Finacle, the online event examined how banks can transform their technology architectures to compete effectively in the coming decade. Representatives from Infosys Finacle, a leading international banking solutions provider, as well as from the First Bank of Nigeria, Millennium bim in Mozambique and Morocco’s Crédit Agricole du Maroc identified transformation opportunities and challenges.