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Home » Banks Have Billions of Dollars in Installed Software, Now What?
Financial Services

Banks Have Billions of Dollars in Installed Software, Now What?

Industry Cloud Battleground Week Moment
Sara CordovaBy Sara CordovaJanuary 26, 20221 Min Read
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You’re watching a top moment from the Industry Cloud Battleground Week with analyst Wayne Sadin highlighting the financial services industry. This five-day digital event, which premiered in November 2021, delivered insights to inspire, educate and engage business and technology leaders who are actively defining their industry-specific cloud strategy. 


Highlights

00:09 — Beyond banks, the financial services industry is embedded in everyday life.

00:27 — However, the industry is dominated by mega institutions with large installed bases of legacy technology. For instance, the major banks commonly have a billion dollars worth of installed software and put more into building onto that base.

00:46 — Startup FinTech companies are introducing the idea that everyone needs banking services, but without needing a physical bank. This startup revolution has led to these small companies trying to work around regulations and work with established players in the financial services industry.


financial services ICB Industries Industry Cloud Battleground Week
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Sara Cordova

Sara Cordova is an Online Editor for Acceleration Economy, with backgrounds in technical communication and global sustainability as well as a passion for women in tech.

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