The recent spate of IT glitches and ‘power outages’ at British Airways which caused the UK’s national carrier to cancel all its flights worldwide at the start of May bank holiday along with the WannaCry ransomware attack which ground the National Health Service to a halt have exposed again the importance of IT systems in today’s business. The complexity of these IT systems, the number of vulnerabilities that exist in critical software used by critical infrastructure sectors such as the NHS, airlines, telecom operators has made headlines once more.
CAST recently participated in a TechMarketView round table in London, discussing the effectiveness of digital strategies in banking. It’s no surprise that banks are facing some significant headwinds heading into 2017, including geo-political uncertainties, increased regulation, the need to modernize legacy systems and growing cyber threats.
Digital is no longer “just another channel” – it’s essential to success and securing optimal position for the next generation of banking customers. In order to capitalize on opportunities, bank management must establish solid KPIs to create and sustain the right behaviors in a digital environment.