Endava Unveils Insights on Retail Banking

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Endava, a technology services company combining world-class engineering, industry expertise and a people-centric mindset, launched its Retail Banking Report.

Fred Fuller, Global Head of Banking at Endava, said, “FIs have come a long way in embracing the fact that modern banking and a cloud-based core go hand-in-hand. Banks also recognise that migrating a legacy monolithic core to the cloud is not modernisation. They need to leverage modern digital technology to truly modernise the core to create a flexible and dynamic infrastructure that can quickly respond to customer and market demands. Although FIs think their technology is stronger than their competitors, the reality is that new features and functionality are usually built on old systems, which massively limits their scope for innovation.”

“Working with technology partners who can implement and manage a new core will help them embrace customer-centric banking. This means being able to quickly roll out new products and services, as well as streamlining and securing their internal processes – all of which will help them hold onto market share,” Fred added. 

The report explores financial institutions’ (FIs) strategies for meeting customer demand, and uncovers that the majority (75%) are struggling to take advantage of new payment offerings and stronger cybersecurity because their core systems haven’t been modernised.

Also Read: Charting the Future of Banking: The Power Trio of AI, ML, Data

According to the report, 75% of organisations believe they offer a good user experience, have strong data management practices and better technology than competitors, Endava Unveils. The top barriers to implementing a cloud-based core are competing technical priorities (40%), a lack of technical resources to manage it (37%), a fear of a long implementation (32%), and fraud/security concerns (29%).