December 7, 2017
The rise of FinTech has already had huge implications for the financial services industry. From digital currency to digital deposits, financial services organizations are having to divert from their old school ways of closed, monolithic legacy applications.
For example, Zelle recently launched as a response to the rapid money transfer service from Venmo. Leading banks including Bank of America, Wells Fargo and JPMorgan Chase teamed up to work on a new digital payments solution for rapid money transfer – one that would outperform their existing applications built on legacy technologies. Zelle also recently announced a number of new technology partners, including IBM, to help accelerate the adoption of Zelle with their financial institution clients, and to help bring them into the modern era of FinTech.
Of the established financial services players that have been dependent on legacy technology and monolithic systems that require significant overhead and lead time to deliver value, many are struggling to satisfy the needs of their customers. In order to remain comp ...