IT has long played a critical role in banking but as computing power continues to grow and competitive pressure intensifies, banks are regarding IT as a way to gain a winning edge.
However, this competitive advantage can rapidly become a double-edged sword. The spiraling complexity creates enormous headaches and costs can spin out of control. Of course, banks want to rationalize and simplify their use of IT, but in the era of the digital bank it is easier said than done. How do executives decide which elements to prioritize in an IT transformation?
Based on McKinsey & Company's extensive work in helping banks think through their IT challenges, we were able to identify a number of common factors shared by banks that get it right. To start with, these banks understand IT trends and, of course, also trends in banking, and they focus on what's important about becoming a digital bank. They have also found a way to tackle challenging topics, such as straight-through processing, cybersecurity, core banking systems, IT architecture, multichannel banking, and personalized data.
We've put together a collection of those insights that will help bank executives consider their various options.
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