Banking At A Crossroads: The Threat of Legacy Infrastructure

Becoming an industry leader requires more than simply outpacing peers. Companies also need to ensure their competitive edge has longevity. In finance, this edge is found in inventive products and services designed to attract and retain customers. Here, satisfaction isn’t measured in weeks or months, but in years and decades.

To fulfill this long-term vision, banking leaders must commit more than just ideologically. Those who devote significant resources to the latest technology will be best positioned to power innovation and compete indefinitely.

This isn’t obvious to everyone. In mature industries like banking, many leaders find themselves saddled with outdated, underperforming legacy infrastructure. How is this affecting their ability to serve customers, and what can be done?

To learn more, Forbes partnered with banking software provider Thought Machine to survey 150 U.S.-based banking leaders. Here, we present a summary of four key findings based on our analysis of the survey data.