Dramatic? Or not dramatic enough?
According to Bloomberg, global banks spent over $1 trillion on IT in the three years prior to 2019.
Dramatic? Or not dramatic enough?
“A lot of the tricky stuff in banking uses humans as our last line of defense.
From compliance to analytics, from exception handling to credit risk decisions, we never invested enough time and attention (and by extension money) to the things that would make our solutions mature enough to not need humans.
We’ve been hedging. We’ve been solving problems that are simple or personal. But not everyone looks like us.
And hedging is a great habit when investing but a terrible way to live because it fundamentally boils down to not believing in much”, says Leda Glyptis PhD in her article.
After reading the article I started thinking more deeper about the digitalization of banking.
I thought most of the things are becoming digital and challenger banks are setting a new trend.
But are they?
Digitalization applies not only to UX but it equally applies to processes and efficiency of the bank.
Are we still afraid of using technology?
As Leda says “We’ve spent a lot of time and a hell of a lot of money doing stuff. And yet we are still on the same level of this game. Because we have treated it as a game. And it’s not a game.”
Source: https://www.linkedin.com/posts/sirojboboev_banking-fintech-activity-6725102827405877249-p47k
