Banks are risk averse — and this is a very good thing. They manage the most precious asset a person can have (their wealth) and people tend to want secure, un-fettered access to it.
This is rarely an issue for major financial institutions. With layers upon layers of compliance and risk-management, most banks and their customers can rest assured knowing their wealth is secure and accessible.
But as the financial ecosystem evolves, so to does the back end technology that powers it. This means that banks are opting to upgrade their legacy core systems, some of which are built with decades old technology.
This, unfortunately, can be a risky endeavor — but one that is inevitable for banks that want to keep current. Luckily, there are techniques for mitigating this risk, and promoting a modernized, healthy core that won’t leave your bank and its customers high and dry.
Zafin (@zafin) is a leading financial technology provider that enables banks to form richer, more personalized client relationships. Built from the ground up for financial services, its platform empowers banks to enhance revenue and operational efficiency. Founded in 2002, Zafin sits among North America’s top FinTech companies, and is trusted by retail and corporate units at some of the largest banks worldwide. Headquartered in Toronto with global offices, Zafin has a proven track record with a 100 percent client retention rate as validation.
Cam is the Digital Communications and Marketing Coordinator at Zafin. With a background in journalism and a passion for blogging, Cam strives to tell compelling digital stories. At Zafin he will share the latest trends and news in the FinTech world, and share Zafin’s role as leader in the industry. Follow him on Twitter @CamSmoth