Our member Infopulse has shared a concise and practical guide on addressing technical debt in the banking industry. The article outlines four strategic approaches to help financial organizations strike a balance between managing technical debt and achieving their transformation goals, as every complex tech initiative comes with its challenges and benefits.
The article discusses the advantages and disadvantages of these initiatives to foster digitization within the banking sector. It emphasizes the significance of:
- Partnering with FinTech
- Adopting Low-Code for Accelerated Deployment
- Leveraging Data
- Introducing Automation
Technical debt is a critical issue in banking inhibiting innovation, increasing costs, and posing security risks. However, with the right strategies in place, banks can effectively navigate the complexities of modernization and clear their technical debt. Have a read to see for yourself!