In a constantly changing, 24/7, always-on, always-connected society, businesses across the globe are increasingly finding the need to enter the age of agile IT. Between now and 2020, the amount of digital information created and replicated in the world will grow to 35 trillion gigabytes. What once was the stuff of science fiction has become an everyday occurrence.
Exabytes. Zettabytes. Yottabytes. Sensors, asset intelligence, mobile devices and constant streams of unstructured communications have created a digital lattice that can capture who we are and how we live, work and play. Fundamentally, data is being created at a greater speed, and therefore the velocity at which it is processed also needs to adapt.
Mobile devices and cashless transactions continue to proliferate, and banks will increasingly find the need to access and process data in real-time. “Real-time” means data is processed as it is received. Most banks, however, still sit with legacy systems, with the banking platforms of yesterday trying to offer customers the instant gratification experience expected today.
Banks are also increasingly bolting more and more applications onto legacy systems. This increases the complexity of the overall system and minimises the integration of data, which compromises operational efficiency. These systems also end up garnering higher maintenance costs, as they run on outmoded and generally less-efficient technology.
With social technology and telecom competitors moving into the transactional banking space and more stringent regulations on financial service providers, banks are increasingly turning towards embracing systems that are more agile. Banks are finding that they require higher levels of transparency in order to meet new regulatory demands on them.
Real-time processing can aid banks in providing more competitive and customer-focused products, lower banking fees and decrease potential fraud and money laundering. This is because it enables authorities to be aware of, track and respond to financial crimes as they are happening. With this in mind, is it time for banks to start pushing the real-time accelerator?
Click Here to read the full article
We welcome you to subscribe to the Deloitte newsletter where we introduce Deloitte thought ware prepared by our industry and subject matter specialists on a weekly basis