Legacy technology and siloed operations are the biggest challenges and hinder timely and efficient response to business and regulatory changes, and increase costs, risks, and inefficiencies.

Cloud offers low cost of testing and deployment and fast time to market, which help in responding to constant changes in a flexible and agile manner. Cloud is creating an ecosystem of innovative solutions with strong network effects that allows firms to easily adopt best-in-class solutions and integrate with internal systems.

Improving automation levels will require modernizing back office systems with new technology based on latest standards and frameworks, and simplifying the complex patchwork of systems accrued over the years. New technology such as robotic process automation (RPA) and AI can be important levers in the next phase of this journey.