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
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