Banks’ biggest hurdle to technology still themselves

Results from a live poll conducted last week at the FST Media Banking Summit showed banks are battling with themselves to respond to digital disruption.

More than 100 banking executives gathered at FST’s annual Banking Summit last week highlighted a multitude of hurdles the industry faces in responding to digital disruption, with balancing conflicting needs within organisations found to be the most major concern.

Nearly half (48 per cent) of the respondents to a live poll said balancing the multiple and often conflicting needs within banks and financial services organisations was the main challenge when it came to responding to digital disruption.

A total of 94 per cent of attendees at the summit said there was no difficult in sourcing talent to facilitate digital transformation, which suggested the issues to be resolved were internal.

A third of participants felt the rigidity of legacy systems was a hold back when it came to transformation, while 13 per cent also said internal resistance to change was a problem yet to be overcome.




Related Stories

'The future of digital banking in Asia', Sandeep Lal, Head of Digital Bank, DBS Bank
It's an extraordinarily exciting time for the future of digital banking in Asia. Digitalisation is... Read More
In Sydney beats the heart of Australia’s thriving fintech industry – KPMG
According to the report, the number of Australian fintech firms has increased five-fold over the... Read More
Risk aversion a key roadblock to digital transformation – Deloitte
The report, which surveyed more than 3,500 business executives and managers globally, found that... Read More
Sydney lands $35m start-up incubation hub
The State will invest $35 million to build the “first of its kind” start-up hub, set to deliver 6,... Read More