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Industry experts agree rethinking technology is key to transformative disruption in 2022

Industry experts from technology companies highlight the rapidly evolving customer needs, business models and payment landscape that force institutions to strategically rethink their technology for transformative disruption

December 28, 2021 | Neeti Aggarwal

The events of the last 18 months proved to be an inflection point that accelerated the digitisation and pushed banks to rethink how to transform technology to survive and thrive in the future. Institutions rapidly adapted to digital and remote operations, ubiquity of contactless real-time payment became the new normal and e-commerce and cybercrime surged. Meanwhile, payments landscape is evolving with ISO 20022, digital currencies and crypto assets.

Centred on ‘Recharging Global Finance’, SIBOS 2021 saw experts deep dive across a variety of burning topics including digital acceleration, transformative technologies, frictionless payment, digital currencies, cyber-risks, and sustainability with the ‘net zero’ target.

Increased focus on scalable technology, data and ecosystems

As traditional physical and digital ecosystems converge, there is need for a digital paradigm and alignment of technologies and business models in financial services. New cloud native digital players bring unprecedented innovation and disruption, customers now expect hyper-personalised service. To prepare for these changes and enable faster value creation, banks need to strategise their technology holistically.

The pandemic accelerated the shift towards digitisation, adoption of contactless and real-time payments, need for scale and remote operations. These in turn pushed the transition towards open, collaborative ecosystem and adoption of agile and scalable cloud-based systems.

David Becker, managing director Asia at Temenos, pointed that there is renewed focus among banks on addressing the cost base and the current legacy monolithic infrastructure. “Cloud-based solutions provide the flexibility and cost-effectiveness along with the ability to gro...

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