CHRIS WOOD: Traditional banks miss opportunities to compete with newcomers

They should focus on understanding their customers, servicing them and designing products they want and needThe combination of fintechs, retailers and telcos pivoting to find new lines of revenue, as well as the rising effect of open banking practices, should have made it clear to banks that they can’t adopt a business as usual approach.

However, the rapid shift in the payment landscape will require a change to the infrastructure to support new payment models. The curse of legacy technology means many traditional banks spent decades building and customising a large portion of their systems themselves, with the result that enterprise projects take longer and cost more due to the need for bespoke development and testing.

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