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Driving Digital Transformation in Banking with iGCB
At Money20/20 Europe, Abhishek Verma from Intellect Design Arena and K. Srinivasan from iGCB discuss the top banking transformation priorities for UK and European banks.
For banks in the UK, digital banking transformation is a key area and they are focusing on improving operational agility, customer experience, and efficiency – with personalization is also a priority as banks are striving to offer seamless omnichannel experiences. Regulatory such as thje 2023 Consumer Duty are pushing banks to ensure technology aligns with FCA requirements, alongside a focus on operational resilience and security.
Loan growth is a major focus in Europe and is driving competition among banks, while digital innovation continues to improve customer experience and efficiency while sustainability regulations are also a key factor. Both the UK and EU regions face challenges with outdated legacy banking systems, which is creating opportunities for modernization across both front-end and back-end technology.
Verma and Srinivasan also discuss data privacy regulations like GDPR and the Financial Data Access Act, and highlight the importance of secure, compliant solutions and with Open Finance becoming more prevalent, enabling data sharing with ecosystem players while maintaining privacy is paramount.
Banks are now adopting systems that embed these compliance measures directly, to ensure data protection while enabling collaboration and innovation.
When it comes to legacy banking systems, Srinivasan compares core modernization to a heart transplant. Some banks are modernizing their banking transformation progressively, while others are adopting multi-core strategies for different customer segments. iGCB supports these transformations, with a 30 years of experience and break down large projects into manageable steps, which reduces risks.
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