Strategic trends and opportunities in banking
Norm Balthasar · Journal of financial transformation · 2006
For purposes of planning new avenues and possible organizational structures to address this new banking model effectively, technology vendors should consider the following statement made by an industry analyst: “Any dollar spent on technology in the future must be evaluated in terms of the needs of the enterprise, not a single line of business.” The implication for our business is that we must begin to think of a bank as an organic entity, with one or more business problems that need solutions. The answer to these and other challenges in providing technology that strengthens the bank/customer relationship — while at the same time overcoming the ongoing commoditization of financial transactions and meeting increasing regulatory requirements — is through SOA. Such systems provide the flexibility and customer orientation that banking requires. Add to that the growing need for customer-centric services among banks of all sizes and SOA becomes more than just another technology solution. When properly applied, SOA enables banks to get closer to customers, providing the technologies necessary to help institutions remain competitive now and in the future.