The financial infrastructure that underpins each bank and the wider system has reached a critical point in its lifecycle where the fundamental importance of the role it plays in 'the bank' is all encompassing, yet the restrictions and challenges it imposes upon the banks can no longer be ignored.
Financial infrastructure refers to a complex myriad of technology systems, networks, applications servers, databases, physical storage systems, and end-user computing systems and devices. It is the foundation upon which every function within every financial institution sits upon and the provision of economically critical banking services is reliant on. It is also the 'plumbing' that allows data to flow within and between financial institutions and which informs banks' operational decision making – from risk to lending, as well as decisions made by the regulatory authorities.
It is widely acknowledged that the technology infrastructure across the financial system is exceptionally complex, to the point where it no longer serves many banks, it hinders them.