Fintech: banks still struggle with culture and legacy systems

Author: Karry Lai | Published: 8 Apr 2019

In an age of rapid technological change, traditional banks are having a hard time dealing with legacy systems and their existing talent pools, according to panellists at an Asifma [Asia Securities Industry & Financial Markets Association] conference in Hong Kong last week. Banks need to figure out a way of partnering with fintech disruptors and creating a culture that is open to change.

From distributed ledger technology (DLT) to robotic process automation, clients are applying increasing pressure on traditional banks for better customer experiences, cost-cutting, and improved agility to adopt technological changes.

Compared to younger, more agile fintech companies building technologies from scratch, banks have to work around their legacy systems to make any form of technological leap.

And it’s not just banks that are suffering. "From an asset management perspective, we are seeing large managers replacing fragmented legacy systems and streamlining data management processes by migrating to integrated platforms,"...