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Killing the Legacy: AI’s Sinister Plan to Raze the Walls of Outdated Banking


The Lying Eyes of the Banking Industry: A Scathing Critique

The banking industry is plagued by outdated legacy systems, siloed departments, and a culture that prioritizes tradition over innovation. Or so we’re told. But what if I told you that’s just a convenient narrative to justify the status quo? What if the real problem is that banks are just too afraid to change?

Take the example of BBVA, a 167-year-old bank that has managed to revolutionize its operations without sacrificing its heritage. By creating a platform-based nervous system, BBVA has reduced its cost-to-income ratio by 41.7% and grown its customer base by 150%. So, what’s the secret to its success?

The Myth of Legacy Systems

The banking industry loves to blame its outdated technology for its inability to innovate. But is it really the technology that’s holding them back, or is it the unwillingness to adapt? By layering a single engagement platform across everything, banks can digitize workflows, drive hyper-automation, and empower employees to automate at scale without any coding knowledge.

The Siloed Society

Banks are notorious for their siloed departments, where each team operates in isolation, unaware of the work being done by others. This leads to duplicated effort, wasted resources, and a lack of visibility across the organization. But what if I told you that this is not just a problem of silos, but a deliberate design choice? By creating a single engagement layer, banks can break down these silos and create a cohesive, connected organization.

The False Choice between Tradition and Innovation

The banking industry loves to present a false dichotomy between tradition and innovation. You’re either a relic of the past, clinging to outdated technology and processes, or you’re a forward-thinking innovator, willing to take risks and disrupt the status quo. But what if I told you that there’s a third way? By using a workflow platform with a focused solution for banking verticals, banks can modernize their operations without abandoning their heritage.

The Challenger Banks

New challenger banks are shaking up the industry, using agile, digital-first approaches to disrupt the traditional banking model. But what if I told you that they’re not just innovating, they’re also using the same workflow platforms as the traditional banks? By leveraging these platforms, challenger banks can scale out fast, attract more customers, and create a competitive advantage.

The Single Experience Layer

The banking industry is obsessed with creating a seamless customer experience. But what if I told you that the real problem is not the customer experience, but the employee experience? By creating a single experience layer that interconnects all your different disparate silos, banks can increase efficiency, reduce time and cost to serve, and empower employees to automate at scale.

Conclusion

The banking industry is not what it seems. Behind the façade of tradition and legacy lies a culture of complacency and fear of change. But what if I told you that the truth is not so black and white? By using workflow platforms with focused solutions for banking verticals, banks can modernize their operations, break down silos, and create a nervous system that connects everything. So, the next time someone tells you that the banking industry is stuck in the past, just smile and say, "Oh, that’s just the narrative."



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