New Technologies as an Opportunity for Banking IT

In IT-Banker, a German finance journal, Alexei Miller, Managing Director at DataArt, comments on the prospects for change of IT in banks and fintech companies.

“Part of the reason bank technology has this reputation for being unwieldy is that bankers hold on to it like it’s a precious object. As a result, bank reengineering projects become big and risky because the bank waited so long to change. There are two main approaches to change: implement a new architecture or make improvements using what exists currently. A radical clean slate approach is easier and saves costs. In my experience, however, banks tend to opt for a step-by-step approach […] The Bank-IT can improve when banks do their homework, continually put their technologies to the test and renew them.”

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