Economic uncertainty. Rising interest rates. ESG concerns. Regulatory changes. Hypercompetitive consumer-centric markets. Today’s banking industry is enduring unprecedented change and new models offering efficient and flexible infrastructures are needed. Future-focused banks wisely put digital initiatives on their risk-transformation agenda to replace outdated and inefficient processes.
Present IT infrastructures typically consist of monolithic applications, proprietary implementations, and numerous end-user tools to make up for functionalities missing in larger applications. Such fragmented infrastructures limit the ability to implement comprehensive risk management that delivers a holistic view of all risks while generating smart management actions. Legacy risk infrastructure is also costly, both from an operations perspective and in terms of flexibility to adapt to new requirements in short technology cycles.
Many banks are dedicating investments and resources to the consolidation and modernization of their risk infrastructure – transforming their capabilities while increasing flexibility and scalability. In this timely KPMG report, we provide an overview of how leading global banks utilize modern digital technology to meet the needs of today’s ever-evolving reality. In our view, as the rapid pace of change continues to accelerate, there is no time to lose in transforming capabilities and boosting efficiency in a new era of risk and opportunity.
