Gaps in Outdated Digital Banking Platforms are Impeding Progress

Digital transformation is a ubiquitous term used across many industries today, and the financial services industry is no different. Rapid advancements in technology, rising consumer expectations, increasing cybersecurity risks, and new competitive threats are forcing institutions to rethink their digital transformation strategies.

At the core of these strategies lies the digital banking platform financial institutions selected years, if not decades, ago. The dependencies most institutions have on these outdated systems and siloed data infrastructures are stifling leaders’ ability to make the advancements necessary to meet the demands of today’s highly dynamic environment. To assess the current state of digital banking and provide industry leaders insight into the rapidly evolving criteria for digital banking platforms, independent research firm in90group Research recently conducted a study of 100 financial institution executives from across the banking spectrum. The research shows that while most leaders recognize the well-established need for more modern systems, many are still struggling as evidenced by “outdated core technology systems and digital solutions” being the top-ranked issue driving leaders’ dissatisfaction with their digital transformation strategies.

The purpose of this report is to provide a summary of the key research findings in an effort to help today’s financial services leaders better understand what their peers are thinking and doing when it comes to meeting the needs of today’s financial consumer, whether it be retail, small business, or corporate banking customers and members.

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