With tighter regulations, increased customer expectations, and pressure from stakeholders, banks, and financial institutions face numerous challenges to stay relevant in the market and encounter roadblocks in adapting to the changing landscape.
In the backdrop of a digital revolution, financial institutions and banks need to upgrade to IT systems and reinvent their workflows and operations for catering to clients based on data-driven insights and offer customized solutions.
The biggest challenge is to make the transition from traditional to digitized banking/financial services while meeting the heightened compliance measures, safeguarding against cyber threats, and staying cost-efficient.