Financial institutions are experiencing significant losses, averaging $100 million annually, due to a disconnect, termed the "Harmony Gap," between fintech innovations and traditional systems. FIS and Oxford Economics' research provide insights into this disconnect, revealing how it affects cybersecurity and operational efficiency. The concept of the 'money lifecycle' is central to understanding this disharmony, which consists of three stages: 'money put to work,' 'money at rest,' and 'money in motion.' The research emphasizes the need for organizations to reevaluate their approaches to bridge these gaps in an increasingly interconnected financial ecosystem.
The new research highlights the costly reality of disharmony within financial systems, exposing the operational inefficiencies that accrue from mismatched fintech and traditional practices.
Margaux McLoughlin discusses the concept of disharmony, emphasizing disruptions in the money lifecycle that inhibit operational efficiency and exacerbate cybersecurity issues.
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