As little as 5% of banks’ colossal IT budgets goes towards innovation. Meanwhile a staggering 80% gets hoovered up by IT maintenance. Clearly, the situation is not sustainable, and banks are increasingly missing out on lucrative revenue streams.
One example is the tremendously profitable Banking-as-a-Service opportunity where banks operating on legacy platforms are unable to benefit from an increase in customer acquisition and market penetration by partnering with non-financial institutions.
There’s only one way out for banks who want to make it beyond the next five years… And that’s to stop feeding the IT monster.
In this insightful and eye-opening webinar 10x Banking’s Chief Product and Engineering Officer, Mark Holt, and Karen Mae Ching from AWS explain what’s going wrong and how to fix it before it’s too late.
The session covers how:
- The only way for banks to move forward and regain their lost margin is to stop feeding the IT monster. How can banks stop artificially preserving core banking technology that cannot meet the demands of the future?
- Moving away from legacy technology and introducing a cloud-based core banking platform doesn’t just future-proof IT… it also offers an important cost benefit. How can banks avoid paying for more than they need to?
- New technology doesn’t just save money, it opens up game-changing new revenue streams. How can Banking-as-a-Service deliver new revenue opportunities?
- Getting started is about mind over matter. For decades, banks have suffered from slow decision-making. They’ve moved from being the trailblazer to traipsing behind. How can banks regain their advantage and take a leading role in the market?
Mark Holt, Chief Product & Engineering Officer, 10x Banking
Karen Mae Ching, Global FS Partner Program Manager, AWS