In a new article published by American Banker, Antoine Hemon-Laurens, Product Marketing Manager at GMC Software shares insights into how traditional banks can be more agile when it comes to digital transformation. In the article, Hemon-Laurens notes,
"A well-known bank mentioned to me that it managed to drive down the number of internal legacy systems and processes to less than 8,000 from 11,500. While that is a major achievement, the bank still has 8,000 legacy systems and processes that keep most of its staff busy performing maintenance and managing crises instead of engaging in digital transformation tasks.
Exacerbating the problem, the bank's transformation has also been slowed by a culture clash between more established staff and those willing to implement change. For these reasons, traditional banks are not likely to be able to completely match the agility and nimbleness of a fintech startup. But that doesn't mean all is lost."
In order to overcome the complex challenges facing enterprise banks today, he suggests a strategy of dividing the IT team into two groups: one focused on maintaining and reducing the number of legacy systems, and another dedicated to digital transformation.
Read the full article in American Banker here.
