Final Tech Report HD - Flipbook - Page 6
Technology
People have been talking for years about the impact of
technology on industries with the often-cited examples of
Netflix, iTunes, Uber etc not just disrupting industries but
revolutionising them with technology.
What we have seen in Banking over the last five or so years is
the evolution of digital challenger banks, building their own
technology platforms with mobile-only offerings and the
customer take-up across the UK and Europe has been
incredible. Technology has been a key factor in the success of
FELIM O'DONNELL
COO, STARLING
these companies but technology in itself is not a guarantee of
success, the challenger banks have been adept at marrying
ways of working with effective use of technology to meet and
exceed customer expectations.
Cloud-based technologies allow for faster development cycles
"Open Banking and PSD2
regulation has the potential to
be game-changing for
customers. Other service
providers can now start to offer
bespoke financial solutions
to customers and they don’t
have to go to their bank for
everything."
and frequent releases to production. This can sound scary for
people who are used to managing user test cycles on large
production releases but actually, because the releases are
more frequent, there is significantly less change being made
and therefore the risks are far lower. The faster release cycles
also allow for a faster remediation time if something does go
wrong.
Balancing Regulation and Control with
Flexibility and Innovation
Regulation always should and always will play a prominent
role in banking. Challenger banks must have the foundation of
control and compliance in everything they do, therefore a
question that is often asked is how can you balance that level
of strict control with the flexibility that is needed to capitalise
on the advances in technology.
5