“Revenue Opportunities Down and Costs Up” seems to be continuing story.

“Revenue Opportunities Down and Costs Up” seems to be continuing story.
1. Revenue Migration: With dynamically changing landscape of the industry and alternate options for the end consumers to do traditional financial transactions than banks the $ are getting squeezed
3. Operational Costs going North : Maintaining existing infrastructure is becoming more and more difficult, data is increasing and becoming more complex and compliance and regulatory requirements continue to increase and change.

How do financial institutions fix this?

1. Thought Process Change: Solving the problem in the same manner would not give another outcome. FinTech firms think differently with fresh and innovative approach. It all starts with people.
2. NewTech Adoption: Use of AI and advance data driven tech is a must; it’s not an option anymore.
3. Automate Compliance: Leverage RegTech to the fullest to reduce focus on noncore activities.
4. Use Data to Make Money: monetizing data is must and with new tech can enable this