Financial Institutions (FIs) need to respond with agility and business velocity to keep pace with changing economic conditions. Yet, emerging competition from fintechs and challenger banks and increasing customer expectations is making this task difficult, especially as regulatory and compliance requirements increase. Embracing the next phase of digital transformation is an imperative for financial institutions to sustain and grow in a competitive environment of rising cost pressures.
The pandemic has accelerated the trend toward remote working environments but it also pushed governance and security issues to the top of the priority list for IT departments within financial institutions. Employees, and developers in particular, need the technological agility to work remotely given the hybrid workplace model being adopted by the majority of organisations.
The use of cloud computing by financial institutions has significantly increased in the last few years, a trend that was further accelerated by the COVID-19 pandemic. In the next few years, financial institutions will need to continuously balance the pressure to innovate quickly while managing risk and combating financial crime.
The Cambridge English Dictionary defines a silo as “a part of a company, organization, or system that does not communicate with, understand, or work well with other parts.” Siloing can exist at various organizational levels: siloed departments, siloed teams within a department, and even siloed engineers within a team. In any industry, siloing can cause issues with alignment, communications, and overall delivery, but in fintech, there are additional risks.
