Everything old can be new again.
The fact that most financial services firms are burdened with complex legacy infrastructure is well known. Until now, the consensus has been that the path to overhauling these systems would take significant investments of time and money. We challenge that consensus and argue that one alternative is to start again.
By starting again, we don’t mean ceding ground to new challengers or fintechs, we mean that it is possible for established financial services firms to free themselves from the shackles of their legacy infrastructure and embark on new journeys unencumbered.
This means utilizing brand new technology, building entirely new organizations, and focusing on complete customer-centricity. It also means tapping into the same flywheel momentum of growth enjoyed by the technology industry over the last decade.
We believe the quality and low cost of new technology, the capacity for dramatic change in competitiveness, the potential for reduction in conduct and cyber risk, and the scope for smooth migration all add up to make this a compelling proposition.
Is this a realistic vision for the industry? Our news is that if you look carefully, you will see it is already starting to happen.