bankingciooutlook

Key Challenges of Digital Banking Challenges

Banking CIO Outlook | Tuesday, July 06, 2021

Many individuals are unaware that most banking systems employ the COBOL programming language. This has been around for more than 60 years and was not designed to accommodate the technology available today.

Fremont, CA : Every business is digitizing, and the financial industry is doing everything it can to keep up. Although electronic banking is becoming more popular, it is important to note that digital banking services continue to face a number of obstacles. However, it goes without saying that there are some profitable opportunities in digital banking.

Challenges of Digital Banking

The term "digital banking problems" refers to the reasons that hinder digital banking from stabilizing and becoming a universal banking method for everybody. They are as follows:

Security

When the topic of money is addressed anywhere, this is one of the first things that spring to mind. Unfortunately, hackers are still giving financial institutions a run for their money. As a result, some clients are unwilling to take any dangers. It is important to note that banking security is not the same as downloading and installing antivirus software.

Completely Digitized Bank

Despite the fact that many individuals are adopting digital banking, there are still a significant number of people who do not trust it. Furthermore, some consumers are sceptical about digital banking unless they can see verification of a physical bank. This makes it difficult for digital banking to become fully digitized.

A Big Step Ahead of Ancient Banking System

Many individuals are unaware that most banking systems employ the COBOL programming language. This has been around for more than 60 years and was not designed to accommodate the technology available today. While the demand for smooth digital banking is increasing, upgrading these banking systems and installing adequate ones usually take a long time.

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