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

Government injects $44.6m to accelerate open banking rollout
Treasurer Scott Morrison will head the development of the CDR with consideration of the Government’... Read More
Australia inks fintech cooperation deal with Dubai
The DFSA-ASIC pact marks the ninth fintech referral agreement secured by the Australian regulator... Read More
ASIC inks fintech cooperation deal with Switzerland
Under the agreement, ASIC and FINMA will exchange fintech-relevant information on regulatory and... Read More
Asia-Pacific rivals secure fintech collaboration pact
The agreement, signed in Hong Kong, will see the traditional rivals collaborate on several key... Read More