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Banks’ technology adoption not fast enough for some regulators 

December 16, 2014
Ben Uzor, Business Day

While technology is changing every aspect of banking operations, 77 percent of participants in a recent survey say the greatest impact will be on customer satisfaction and regulatory compliance. Some regulators, however, believe banks are moving too slowly.

“The Benefits of Innovative Information Technology in the Banking Industry” was conducted by the Frankfurt School of Finance & Management, New York University’s Stern School of Business and Management, the University of Applied Sciences and Arts North-Western Switzerland, the Business Transformation Academy (Basel, Switzerland) and SAP SE.

The study uncovered various trends in banking, most notably a large disconnect between regulators’ expectations and the ability of banks to meet compliance and reporting requirements. However, many financial institutions have plans to increase their budget for Information Technology (IT) to invest in the necessary banking solutions to meet these changing requirements.

Read more: Business Day

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