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Lessons Learned: Addressing the Accelerated Digital Transformation Needs of the Financial Services Industry

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As successive lockdowns left customers reliant on online services, the pandemic has left a lasting mark on the banking industry—accelerating digital transformation trends. As more digital banks launch across the Asia Pacific region, Balazs Fejes, VP, Chief Technologist, APAC at EPAM Systems, Inc., urges new players to learn from the mistakes of first-generation digital banks.

Many of the first digital banks used the same core technology as traditional banks.  While they are fit for purpose, in terms of opening accounts, they are not agile enough to enable banks to test and launch new products at scale.

“Innovating, trying out new products, and personalising products and services is all infinitely difficult and takes a long time to do from traditional banking cores,” explains Fejes. “If you want to be successful as a digital service, you have to have the flexibility to innovate, to bring products to market quickly, and evolve them.”

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