Keeping up with banking regulators — there’s an app for that

by Hans Tesselaar, Executive Director at BIAN

The past couple of years have proven to be a testing time for retail banks. Not only is customer trust and loyalty at an all time low, but the ecosystem itself is changing. Traditional banking practices are being questioned, with the regulators leading the charge.

New regulatory demands, while necessary for the rebuild of the banking industry, put pressure on our banks — many of which are already working to full capacity. As outdated legacy systems strain under the force of ever-more stringent requirements, it is unsurprising that banks are now facing soaring IT costs just to keep above water.

It is for these reasons that an increasing number of banks are adopting more forward-thinking policies around their technology and componentised, modular solutions are gaining traction.

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