The financial services industry's transition to cloud computing has involved over three-quarters of firms enhancing IT infrastructure, yet many face challenges overcoming legacy systems.
Despite progress in digitization, many institutions encounter significant barriers, including legacy infrastructure and technical debt, hindering their innovation and efficiency.
Approximately 25% of IT leaders in banking consider their digitization efforts to be fully matured, while 10% report no progress, revealing a mixed state of advancement.
Most banking organizations deal with a disjointed assortment of systems, stemming from past consolidations and outdated technologies, ultimately leading to fragmented data flows.
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