Banks are under enormous pressure due to the particularly high demands regarding data privacy, data security and process efficiency. As is the case in most other industries, costs must be saved and flexibility must be increased simultaneously. Business models are being put to the test by fintech companies, which largely escape stringent regulation, but with which established financial service providers must comply. Due to the fact that most business processes at banks have been fully automated for a long time, there has always been considerable pressure to make IT more efficient.

In addition to the cost factor, the flexibility for product and process changes in particular plays a major role. Regarding product design, the rapidly changing and emerging technology trends are becoming more and more important. In the competitive struggle for IT security, only those who have excellently trained specialists who continue to learn will be able to keep up the pace.

Focusing one’s own organization on the core business processes is the logical consequence. Therefore, the bank’s appropriate IT strategy involves outsourcing its IT systems and, if necessary, entire process clusters to service providers who are experts in this area and who have the required flexibility as well as future security. At the same time, the bank must retain sovereignty over its data and business logic.

Currently, the best IT solutions in this area are provided by cloud systems. The increasing complexity has led to a growing market of providers for IT solutions that continue to become more specialized, yet that are more or less well integrated or can be integrated with each other. The changing of a bank’s entire IT architecture and the projects that result from this are therefore important - are probably even the most important - tasks of a bank’s IT department heads.