Atos: How Legacy Banks Can Thrive in a Digital World

Atos: How Legacy Banks Can Thrive in a Digital World

Atos is a global fintech that provides secure and decarbonised digital with a range of market-leading digital solutions along with consultancy services, digital security and decarbonisation offerings; an end-to-end partnership approach. Here, Kuldip Chiheru , Digital Banking Platforms expert at Atos - trusted digital partner to a number of the world's leading banks and insurers - explains how legacy banks can thrive in a fast-moving digital world: The Challenge for Legacy Over the past few decades, we have seen an incredible shift in the banking industry as technology has brought with it the opportunity to digitise every operational element. For traditional banks, this shift has presented tremendous opportunities along with significant challenges. New technology has heralded an era of both neo banks - digital-only banks - as well as challenger banks, recently created institutions with a largely digital footprint. Together they have gained over 39 million customers worldwide in the last 10 years. Research suggests that customers are attracted to the high-quality user experience of new challenger banks - a 2021 survey found that for 81% of consumers , the prospect of easy access and flexible banking would convince them to switch to a new-age financial provider. Neo banks are