AFRICA
it takes to perform the transaction etc .
For service providers , the biggest challenge is how much capacity needs to be designed and bought and how best to secure it . Companies have started managing their data as they manage their money .
ABR : What is the financial industry doing to overcome these challenges ?
VS : There has been a lot of work in the form of innovations and technological advancement but still , there is a long way to go . To see a fully successful and useful industry there needs to be the implementation of technology in large financial services firms . Despite $ 480bn spent globally in 2016 on financial services IT , the pace of financial innovation from incumbent ’ s still lags behind fintech which received a smaller $ 17bn investment in 2016 .
Big banks ’ organisational structures block digital innovation due to their old mindset and refusal to acknowledge the truth that BaaS ( Banking as a Service ) is more efficient with a combination of BaaP ( Banking as a Platform ), which demands a complete change in value chain compared to traditional closed core platforms
Functionally , a typical banking organisation sees IT as a cost centre and every one working in IT and technology as a cost rather than an asset .
“ Functionally , a typical banking organisation sees IT as a cost centre and every one working in IT and technology as a cost rather than an asset ”
VINOD SHARMA
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