Many banks and insurers are burdened with mature legacy IT systems. As competition heats up to win back customers and increase internal efficiency, IT architectures will require significant re-engineering. Technology is further complicated by the rapid rate of change and the introduction of new channels and technologies, such as mobile banking and social media and the security risks attached.
Furthermore, in a low interest rate environment where financial services institutions operate on tighter margins, distribution and operations should be organized more efficiently, with the inevitable need to review and adapt the traditional operating and business model.