The financial services industry in the UK has a long and illustrious history, its practices and business imperatives developed over hundreds of years. It’s little surprise, then, that at our recent roundtable we heard from decision-makers from across the industry that the sector is stuck in a quagmire of legacy systems that hinder change.
Then there’s the volume of demands on the sector to meet expanding regulatory requirements. Some banks live simply to stay out of jail, we heard. And that effort is exhausting them. So banks are focusing on keeping the ship afloat rather than creating amazing new touch points for customers.
Just think what could be done to improve the customer experience with just a fraction of the budget spent on stopping out-of-date systems falling over, pondered one delegate. And it’s an interesting question when you look at the amount of innovation going on in fintech start ups. The opportunities are there for the picking, but not the cash or focus it seems.