Why Financial Institutions Are Rethinking The ‘All-In-One’ Approach (BankNews Featured Article)

BankNews recently featured an article written by Kris Bishop, CEO of FIntegrate. Find a snippet below.

For years, the prevailing wisdom in financial technology procurement was simple: consolidate. Buy from your core provider, minimize the number of vendor relationships, keep the technology stack tidy. The appeal was obvious. Fewer contracts, fewer integrations, fewer points of failure.

That logic made sense in a simpler era. However, it makes far less sense today.A growing number of financial institutions are discovering that the tools bundled with their core platforms were never designed to handle the operational complexity those institutions now face. As compliance burdens grow, member and customer expectations rise, and transaction volumes climb, the limitations of “good enough” technology are becoming impossible to ignore. In fact, American Bankers Association found that one-third of financial institutions express dissatisfaction with their current technology stack. Among banks with less than two years remaining on their contracts, nearly 60 percent report being unhappy with what they have.When six in ten institutions approaching renewal are unhappy, the problem is what’s being offered in the model, not the implementation.

To read the rest of the article, and find out what best-of-breed actually means, find it on the BankNews website.