Complicating the landscape is the need for banks to comply with a myriad of regulations, many of which fluctuate regularly. Whether it be GDPR, Basel IV, Regulatory Reporting, Know Your Customer, or Markets in Financial Instruments Directive (MiFID), compliance consumes a significant amount of a bank’s time and money — so much that 55% of bank CIOs are planning to invest heavily in compliance technology in a bid to reduce costs.
Although banks are slowly adopting a number of data solutions to remain competitive, the industry is still struggling profoundly with inefficient data architecture and multiple legacy systems, a lack of business support for data transformation, and poor insight at an executive level. It’s interesting to note that although data transformation increases overall bank profits by 15-20%, less than 30% of all banks have a data strategy. Poor insight indeed.
Financial services directives, which apply to European Economic Area banks.
Banks' IT budget spent on average in maintaining legacy corporate infrastructure
Transactions processed by retail payment systems in Euro area.
When correctly implemented, digital technologies promise to reduce bank operating cost by 75%.
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