According to the research, given the full outlay that credit unions and banks make in IT and business process execution, improvements in the three areas can produce tremendous cost savings:

Consolidation of vendors ultimately removes the necessity to sustain and manage multiple systems, and can improve operational efficiency by 20-30%. Consolidating support might include service desk operations, management of the IT infrastructure, the IT security environment, and support for applications and data.
Cloud delivery brings many benefits including the capability to simply scale system capacity to meet demand.
AI, the least adopted of the three strategies to date, promises to make consumer processes smarter, faster and more personalized. However, to obtain these benefits, financial institutions must prioritize their vendor consolidation and cloud delivery road maps.

Financial institution can realize considerable benefits when support is consolidated, key operational applications are moved to the cloud, and artificial intelligence is utilized to make processes smarter, faster, and more personalized, Finastra's Mike Dionne, senior vice president, community markets said, "Finastra is helping clients deliver on these goals by making our core banking platform, and all of our major solutions, available in the cloud and by developing a platform to enable banks of all sizes to access the latest technologies available and integrate them seamlessly into their bank offerings."

Instant Insights /

3 Tech Strategies That Will Benefit Small & Midsized FIs

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