The financial technology sector or fintech is worth £20 billion to the UK economy. Fintech is being driven forward by a demand for greater institutional regulation, new product and service development, and the need to reduce costs. Banks and other financial institutions must be more transparent and accountable than in the past. A recent Swiss banking survey found that increased regulation, compliance and reporting proved major factors in the adoption of new computer systems.

Replace legacy systems

Old legacy systems can be costly to run, and struggle to cope with the demands placed upon them. Many core financial systems were never designed for a world of online banking and mobile services. The longer these systems are kept running the harder it becomes to find people with the legacy skills and knowledge to maintain them. At the same time, disruptive new entrants have capitalised on technology to grab market share with innovative new products, services and channels of distribution.

Technology can provide greater customer insight and engagement, more retained business, lower operating costs and sustained competitive advantage for today’s financial institutions. ccDevnet has many years’ experience working in the highly regulated financial service sector. Contact us now to learn more.

The key benefits of financial services technology include:
Improved risk management
Regulation, compliance and reporting
Legacy system replacement
Improved customer acquisition and retention
New product and service development
Mobile apps for marketing, sales and customer services
Better business management
Reduced operating costs
Systems integration
Reliable, scalable and ultra-secure systems

Contact us now to learn more. image