January 9, 2024
Success in the business world today is a question of survival of the technologically fittest, companies with the most remarkable achievements are the ones with the best tech strategy. They are faster, better, and more efficient.
Banks and financial institutions are no different, so over the last decade banks have been adopting technologies from third-party providers to accelerate time to market and boost competitiveness.
It’s been “tech up or tap out.”
So they teched up, empowering different business units to add the tech they needed, however they saw fit.
And things were okay – for a while.
But then it went from hundreds of solutions to thousands – and the complexity of the tech stack started to detract from its value.
Flash forward to today. The situation is unsustainable, there’s no clear way to see all the technologies the bank is using, where and how they’re being used, the specific solutions they’re getting from each vendor, or how much they are paying.
The result? Banks are spending way too much time and money evaluating and adding new tech as every new solution takes dozens of people and sometimes up to a year and a half to onboard. Meanwhile, teams keep adding capabilities the bank already has, so spend and technical debt just keeps rising.
Continuing on this path means the organization will become slower and heavier. Recent analysis from Bain shows a strong correlation between a bank’s technology choices and its performance, with overall success hinging on deft use of technology rather than on simply spending more on technology. The agility and profitability of the business is at stake.
It’s time to tech up right.
Introducing Responsible Tech Adoption by Entrio.
Responsible Tech Adoption is leading the way for banks and financial institutions to adopt technology, optimize its use, and eliminate unnecessary expenses. It's the key to enabling the finance world to evolve its stack of technologies with transparency, efficiency, and agility, ensuring sustainable growth.
Entrio's Live Solutions Catalog continuously maps all third-party solutions, including where they are used and how they are used. It categorizes their capabilities and compares them to other solutions in the market to find alternatives and provides up-to-date market intelligence on vendors and solutions.
Now your organization knows exactly what tech is at your disposal, and you can avoid wasteful spending by constantly optimizing it, promoting the reuse of technologies, and setting benchmarks based on industry intelligence and peer best practices.
Now you can maintain control over tech adoption, gain visibility, and ensure proper governance.
Now you can swiftly onboard tech to be responsive to market changes.
Technological superiority will be the defining business factor that distinguishes winners from losers, and those with the best tech in their stack will be the ones that prevail.
By championing Responsible Tech Adoption, Entrio gives you the power to strengthen and leverage your technologies in order to accomplish your strategic goals. Now you can guarantee the resilience of your business and thrive in a world prone to constant change.