A few years ago, when the CFO of JP Morgan Chase announced that “we are
a technology company,” it created ripples in the financial service
sectors. After all,
digital transformation in banking was still a new
concept back then. At the time of this announcement, the financial firm
allocated a $9 billion technology budget and hired 40,000 technologists
to create intellectual property. The sole purpose of the firm was to
cater better to digital-savvy customers. JP Morgan Chase was one of the
early players who understood the need for technology adaption to gain a
competitive advantage to entice its customers.
Fast forward, 2021. Today, the banking industry is going through a
profound transformation as the industry embraces the next major phase
of digital transformation. Now banks are more concerned about:
• Better customer experience
• Rapid releases
• Faster go-to-market
• Better performance under huge volume of transaction
load
With the emergence of new techs like AI, ML, blockchain, big data, and
digital payments – the digital transformation in banking is undergoing
a rapid technology disruption. However, it is a lot easier said than
getting the implementation done. Customers now expect banks to deliver
accurately with speed. Thus, there has been a paradigm shift to Quality
and Agility, and banks are striving to meet their customers' growing
expectations. The need of the hour is:
• Performance of apps under huge transactional
load
• Integrating with other applications such as
trading accounts, centralized payment systems, 3rd party agents, etc.
Read more »