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.