The financial services industry as a whole has now reached an inflection point where 'old ways of working' are no longer compatible with financial institutions' changing business models.
The technology platforms that support every function within financial institutions have in many cases stopped being a competitive advantage and are now widely acknowledged to be a burden – they restrict their ability to meet the expectations of their customers, the regulators and contribute fully to an increasingly digital economy.
The technology industry itself has undergone something of a paradigm shift. Within the trajectory of technology change is an opportunity for financial institutions to bypass the restrictions that their legacy systems impose – without having to rip and replace. 'Everything as a service', the cloud and existing e-infrastructure in the UK may offer an opportunity to 're-orientate' the structure of the financial system.
However this will not happen any time soon under the industry's own volition, much to its continued detriment. Instead a catalyst is needed for financial institutions, their customers and the wider economy to benefit from the modernisation of the financial system. techUK believes that Government, working collaboratively with financial institutions, regulators and the technology industry, should formulate a 'Digital Modernisation Strategy' to achieve precisely this and provide the foundation for the positive evolution of the industry.
The purpose of this collection of essays is to spark debate around some of the individual themes therein, but also on the future direction of the financial system, the institutions within it and the role of technology in facilitating a 'New Financial Services'.
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