Banking in 2024 Webinar: The key transformation trends shaping the industry
Growing competition from fintechs poses a big challenge to banks. And it’s clear that banking firms don’t have the operational processes they need to keep up. 78% of banking professionals said their organisation relies too heavily on spreadsheets. That’s according to our Banking in 2024 report. And 71% said their financial controls aren’t flexible enough…
Majority of financial institutions unprepared to accommodate further regulatory change, data reveals
Posted: 24/01/2024 | Read time: 2 minutes A new report from AutoRek, a fintech setting the new standard in financial data automation, has revealed that the majority of banking institutions feel they are poorly equipped to accommodate any further regulatory change from an internal processes perspective. Of the 500 banks surveyed across the US…
Banking in 2024: Digitisation, data and the back-office
The challenges banks face in 2024 The fintech and digital banking space, with its relentless pursuit of market share, poses a formidable challenge to traditional banking models. Many of the world’s largest banks have acquired PSPs to expand their market share for payments processing. But, where acquisition isn’t an option, firms need to modernise and…
Banking in 2024: Payments operations and financial technology trends
The modern challenges of banking The payments industry has grown so rapidly that it’s easy to forget how different things were only a few years ago. Before the emergence of Payment Service Providers (PSPs), the retail finance and payments sectors were dominated by banks. But control of this space has shifted today, where fintech advancements,…
Legacy systems in banking: Using automation to minimise risk
In today’s fast-changing banking landscape, a technological gap has opened up between newer fintechs and incumbent banks. While fintech platforms are built using advanced, automated systems that require minimal manual intervention, retail banks still rely on outdated processes. The Financial Times recently reported that 43% of banks still rely on core technologies like COBOL –…
The disadvantages of legacy systems in banking
Posted: 17/10/2022 | Read time: 3 minutes Growing competition in the banking industry The emergence and rise of challenger banks and fintechs over the past 15 years have transformed the banking sector. Some 40% of consumers now use a fintech platform for their day-to-day banking, according to research from McKinsey. And more than nine in…
Nationwide select AutoRek’s automated reconciliation and data management solution
Posted: 15/03/2020 | Read time: 1 minute AutoRek, the leading software solutions provider for financial controls, data management and regulatory reporting, are delighted to announce Nationwide Building Society as the latest addition to our growing list of clients. Nationwide have selected AutoRek to provide market-leading, cloud-based financial controls and data management platform for…
The Bank of England select AutoRek’s automated reconciliation and data management solution
Posted: 15/02/2020 | Read time: 2 minutes AutoRek are delighted to announce the latest addition to our growing list of clients is The Bank of England. Following a competitive tender the Bank selected AutoRek to automate their reconciliation processes and achieve increased efficiencies. The two-phase project will work across both Finance and Operations…