Large Banks and Technology Buying: An Evolving Mindset

Banks are pressured to quickly roll out new products and services as they look for ways to differentiate, says Aite Group.

Boston, July 18, 2017 — Aite Group’s latest report, Large Banks and Technology Buying: An Evolving Mindset, dives into how regulatory pressures, an increasingly demanding customer base, and growing expectations around technology and the user experience are challenging banks to evolve their technology-based strategies.

Interviews with key financial institutions executives show that many large financial institutions have abandoned the concept of building all their technology in-house in pursuit of a competitive edge in the marketplace. Institutions today have become far more open to considering offerings built by technology partners, and some have even taken it to the next level by having them hosted in private clouds. 

“Fintech companies and banks are beginning to realize the benefits of working together to deliver innovative solutions and superior customer experiences to an increasingly digital customer,” says Aite Group research director Christine Barry. “Banks are looking at broadening product portfolios and potential partnerships with fintech firms,” she says.

This Impact Note highlights some of the key ways in which large banks’ buying behaviors are evolving and the main factors driving the evolution. It also analyzes large banks’ top IT priorities and those technologies most likely to be purchased from technology partners. Finally, it points out the growing industry focus on application programming interfaces and some potential use cases that are likely to have a major impact on banks’ strategies over the next few years. 

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

Press Contact:
Ames Shatzer
Public Relations
[email protected]

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