Financial services and fintech companies find themselves in one of the most competitive industries for building software products. For nearly a century, the banking industry was predominantly a brick-and-mortar environment that functioned smoothly without much need for innovation.
Beginning in the 90s, the monolithic and outdated state of banking software was exposed with the internet boom, culminating with the now-comical “Y2K bug” scare.
Financial services organizations have come a long way since then. They now operate in a primarily digital world where customers skip the teller line and instead opt for mobile banking, cryptocurrency, digital payments, credit monitoring, and much more from their phones.
But modernizing old banking systems quickly still remains a challenge for the financial services industry, which now encompasses far more than personal checking accounts and CDs. As financial institutions have raced to reinvent themselves throughout a technology revolution in the industry, organizations are under enormous pressure to quickly adapt to new customer expectations.
With speed-to-market front of mind, there’s often a choice: Build, or buy? Do we buy an off-the-shelf product, acquire a startup to bolt onto our systems, or do we build the software ourselves?
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