Facing increased pressure from customers for more-targeted offerings, banks have to be able to modify and develop products more quickly than ever before. But banks' legacy core systems often are cumbersome and require the involvement of IT resources for product development, making it difficult to develop products concurrently. The siloed nature of banks' line-of-business systems and the lack of IT/business alignment found at many institutions further hinder the process. Additionally, the regulatory environment is likely to intensify, placing more scrutiny on the products that banks develop and market to the public. How can banks develop new products to effectively respond to changing market and competitive conditions? And how can they manage the process in order to achieve concurrent development?
Perspectives: Speed to MarketBanks are under growing pressure to deliver targeted products and services.
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