Sam Aarons, CTO and Co-founder of Modern Treasury Banks have made substantial investments to make their businesses more resilient, which helped many withstand the worst impacts of the pandemic.
Banks have made substantial investments to make their businesses more resilient, which helped many withstand the worst impacts of the pandemic.
But the transition to digital strategies and processes still rates as a big risk, ranking fourth in a recent EY survey of bank chief risk officers. Only credit, cybersecurity and climate-change risk ranked higher, EY found.
No matter what the industry, building modern systems can be a difficult challenge due to a variety of competing goals around speed, stability, security, longevity, and cost. To work with and upgrade legacy technologies and systems, companies need to manage these conflicting and sometimes contradictory attributes. When it comes specifically to the banking industry, the challenge can be even greater because of the narrow tolerances for failure and the high expectation of stability.
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