Many banking and financial services companies – who are already faced with technical debt and increased competition from industry outsiders – need to improve customer experience and engagement to keep up. Over 50% of households are keen to move to digital banks from traditional ‘bricks and mortar’ – a sign that this competition is only set to grow.
The agility needed to innovate and deliver new apps and experiences to market is further hampered by stringent security and compliance requirements. For the most part, financial institutions know what they need to do to succeed but need help implementing the necessary technology – on a tight budget.