Adopting modern core banking technology allows banks to access a broader ecosystem and partners, facilitating agile and rapid development of products and services.

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Summary

The competition between fintechs and incumbent banks is likely to intensify, leading to more partnerships and acquisitions as both sectors aim to leverage each other’s strengths. A collaboration strategy is required with key stakeholders to provide support for the open API ecosystem while managing risks.

Competition and compliance drive banks to modernize while managing risks

Financial institutions (FIs) face the dual challenge of increased regulatory scrutiny coupled with growing competition from neobanks and big tech who are expanding their financial services capabilities. This forces FIs to modernize their technology infrastructure to innovate and drive new business models in banking and payments.

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